Accounting systems should record
A) all economic events.
B) events that result in a change in assets, liabilities, or shareholders' equity items.
C) only events that involve cash.
D) only events that include revenues, expenses, and cash.
Correct Answer:
Verified
Q38: The account to be credited is entered
Q39: If total assets are increased, there must
Q40: A general ledger should be arranged in
Q41: A paid dividend
A)decreases assets and shareholders' equity.
B)increases
Q42: The payment of an account payable
A)decreases total
Q44: When an asset increases which of the
Q45: Shareholders' equity is increased by
A)dividends declared.
B)revenues.
C)expenses.
D)liabilities.
Q46: An expense
A)decreases assets and liabilities.
B)decreases shareholders' equity.
C)has
Q47: If services are performed on credit, then
A)assets
Q48: Recording revenue
A)increases assets and liabilities.
B)increases assets and
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