=y) 11) Which of the following is NOT a business transaction? A) The company sells goods...

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=y) 11) Which of the following is NOT a business transaction? A) The company sells goods for cash. B) The company buys land for cash. C) The company hires a new president. D) The company pays a dividend to its shareholders. 12) The financial statements are prepared from the A) adjustments. B) unadjusted trial balance. C) ledger. D) adjusted trial balance. 13) The income statement lists: A) assets, liabilities and shareholders' equity. B) the changes in retained earnings. C) assets, liabilities, revenues and expenses. D) revenues and expenses. 14) Joe Donaldson deposited $80,000 in a bank account, purchased a company for $60,000 cash (Building $40,000 and Inventory $20,000), performed services for clients for $10,000 cash, purchased supplies for $5,000 cash, and paid utilities of $2,000 cash. What is the amount of total assets? A) $80,000 B) $78,000 C) $88,000 D None of the above 15) Which type of account is decreased when a company pays its employees with cash? A) A liability B) A prepaid asset C) An asset D) Owners' equity 16) Which type of account is increased when a company records an increase in debt? A) Expense B) Retained earnings C) Liability D) None of the above 17) Notes payable, accounts payable, taxes payable and salaries payable are all examples of A) liabilities. B) revenues. C) expenses. D) assets. Focus =y) 11) Which of the following is NOT a business transaction? A) The company sells goods for cash. B) The company buys land for cash. C) The company hires a new president. D) The company pays a dividend to its shareholders. 12) The financial statements are prepared from the A) adjustments. B) unadjusted trial balance. C) ledger. D) adjusted trial balance. 13) The income statement lists: A) assets, liabilities and shareholders' equity. B) the changes in retained earnings. C) assets, liabilities, revenues and expenses. D) revenues and expenses. 14) Joe Donaldson deposited $80,000 in a bank account, purchased a company for $60,000 cash (Building $40,000 and Inventory $20,000), performed services for clients for $10,000 cash, purchased supplies for $5,000 cash, and paid utilities of $2,000 cash. What is the amount of total assets? A) $80,000 B) $78,000 C) $88,000 D None of the above 15) Which type of account is decreased when a company pays its employees with cash? A) A liability B) A prepaid asset C) An asset D) Owners' equity 16) Which type of account is increased when a company records an increase in debt? A) Expense B) Retained earnings C) Liability D) None of the above 17) Notes payable, accounts payable, taxes payable and salaries payable are all examples of A) liabilities. B) revenues. C) expenses. D) assets. Focus

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11 Answer C The company hires a new president Business transactions are activities that affect the e... View the full answer