Question 1 Not yet answered Marked out of 0.50 Flag question Which accounting concept or principle...

     

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Question 1 Not yet answered Marked out of 0.50 Flag question Which accounting concept or principle specifically states that we should consider that the business operations will continue indefinitely? Select one: a. Going-concern concept b. Entity Concept c. Reliability principle O d. Cost principle Question 10 Not yet answered Marked out of 0.50 Flag question Dana Driving Services (DDS) began the year with total assets of KD 120,000, total liabilities of KD70,000. During the year, the business earned KD110,000 and paid expenses of KD30,000. Dana made additional contributions of KD20,000 to the business and withdrew KD60,000. How much is Owner's Equity in the business at year-end? Select one: a. KD160,000 O b. KD130,000 Oc. KD120,000 O d. KD90,000 Question 11 Not yet answered Marked out of 0.50 Flag question Dana Drug Store (DDS) sold KD50,000 of vaccine X to a pharmacy on account. How would this transaction affect DDS's accounting equation? Select one: O a. Increase both Assets and Liabilities by KD50,000. O b. No effect on the accounting equation because the effects cancel out. O c. Increase both Assets and Equity by KD50,000. O d. Cannot answer based on the available information Question 14 Not yet answered Marked out of 0.50 Flag question Which correctly represents the flow of information from one financial statement to another? Select one: O a. Income statement to the statement of owner's equity. O b. Balance sheet to the income statement. c. Balance sheet to the statement of owner's equity. O d. Statement of owner's equity to the income statement. Question 15 Not yet answered Marked out of 0.50 Flag question Dana Digital Services (DDS) recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? Select one: O a. Too much for liabilities (overstated) b. The trial balance would balance. c. The Cash balance is incorrect. O d. Too much for assets (overstated) Question 1 Not yet answered Marked out of 0.50 Flag question Which accounting concept or principle specifically states that we should consider that the business operations will continue indefinitely? Select one: a. Going-concern concept b. Entity Concept c. Reliability principle O d. Cost principle Question 10 Not yet answered Marked out of 0.50 Flag question Dana Driving Services (DDS) began the year with total assets of KD 120,000, total liabilities of KD70,000. During the year, the business earned KD110,000 and paid expenses of KD30,000. Dana made additional contributions of KD20,000 to the business and withdrew KD60,000. How much is Owner's Equity in the business at year-end? Select one: a. KD160,000 O b. KD130,000 Oc. KD120,000 O d. KD90,000 Question 11 Not yet answered Marked out of 0.50 Flag question Dana Drug Store (DDS) sold KD50,000 of vaccine X to a pharmacy on account. How would this transaction affect DDS's accounting equation? Select one: O a. Increase both Assets and Liabilities by KD50,000. O b. No effect on the accounting equation because the effects cancel out. O c. Increase both Assets and Equity by KD50,000. O d. Cannot answer based on the available information Question 14 Not yet answered Marked out of 0.50 Flag question Which correctly represents the flow of information from one financial statement to another? Select one: O a. Income statement to the statement of owner's equity. O b. Balance sheet to the income statement. c. Balance sheet to the statement of owner's equity. O d. Statement of owner's equity to the income statement. Question 15 Not yet answered Marked out of 0.50 Flag question Dana Digital Services (DDS) recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error? Select one: O a. Too much for liabilities (overstated) b. The trial balance would balance. c. The Cash balance is incorrect. O d. Too much for assets (overstated)

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Ques 1 a Going Concern Concept The going concern concept of accounting implies that the business ent... View the full answer