If services are rendered for credit, then 1 Assets will decrease 2 Liabilities w

Question

If services are rendered for credit, then 1 Assets will decrease 2 Liabilities will increase 3 owner's equity will increase 4 Liabilities will decrease 5 Owner's equity will decrease Question S If expenses are paid in cash, then I Assets will increase 2 Liabilities will decrease 3 Owner's equity will increase 4 Assets will decrease 5 None of the above Question 6 The law passed by US Congress intended to reduce unethical behavior is 1. Unethical behavior Act 2. Affordable Care Act 3. Prevention of Illegal Activity Act 4. Sarbanes Oxley Act s. None of the above: the US Congress has not passed any law relating to unethical behavior Question 7 The Uptown Grill received a bill of $400 from the Ermi Advertising agency for services rendered to the Uptown Grill. The bill has not been paid yet. The effect on specific items in basic accounting equation is: Choose one answer a. A decrease in cash and an increase in accounts payable b. A decrease in cash and an increase in owner's equity c. An increase in accounts payable and a decrease in owner's equity d. A decrease in accounts payable and an increase in owner's equity e. An increase in accounts payable and an increase in owners equity Question 8 Assume the basic accounting equation is Assets Liabilities + Owner's equity. What w following transaction have on the basic accounting equation of Richard Company? The Richard Company provides services on account to a customer for $1,000. The bill yet been paid. Choose one answer.

Explanation / Answer

ANS 5) CASH PAYMENT OF EXPENSES LEADS TO CASH DECLINES THAT MEANS ASSET DECRESES

ANS 6) US GOVT NOT PASSED ANY LAW FOR UNETHICAL BEHAVIOR WHERE AS SOX ACT TELLS ABOUT UN LAWFULL OR FRADULANT ACCOUNTING PRACTICES

ANS 7) AN INCRESE IN ACCOUNTS PAYABLE DECRESE IN OWNERS EQTITY.

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