Question: Determining whether to increase or decrease an account is part of a. analyzing the effect of business transactions on the accounting equation. b. the input

Determining whether to increase or decrease an account is part of

a. analyzing the effect of business transactions on the accounting equation.

b. the input function of the accounting process.

c. the output function of the accounting process.

d. financing activities.


An economic event that has a direct impact on a business is

a. a business transaction

b. the accounting cycle

c. the accounting equation

d. the financial statements


Davis company reported net income of $40,000. John Davis, the owner, withdrew $10,000 for personal use. How and by what amount will capital change?

a. no change.

b. $30,000 decrease.

c. $40,000 increase.

d. $30,000 increase.

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