Study guides, Class notes & Summaries

Question 1 of 20 5.0/ 5.0 Points When a business borrows money, it incurs a(n): A. tax. B. liability. C. receivable. D. additional equity. Question 2 of 20 5.0/ 5.0 Points Paying expenses affects which financial statement elements? A. Assets only B. Stockholders’ equity only C. Assets and stockholders’ equity D. Assets and liabilities Question 3 of 20 0.0/ 5.0 Points Anthony, Inc. buys land for $50,000 cash. The net effect on assets is: A.$50,000 increase. B.$0. C.$50,000 decrease. D.$25,000...

Question 1 of 20 5.0/ 5.0 Points When a business borrows money, it incurs a(n): A. tax. B. liability. C. receivable. D. additional equity. Question 2 of 20 5.0/ 5.0 Points Paying expenses affects which financial statement elements? A. Assets only B. Stockholders’ equity only C. Assets and stockholders’ equity D. Assets and liabilities Question 3 of 20 0.0/ 5.0 Points Anthony, Inc. buys land for $50,000 cash. The net effect on assets is: A.$50,000 increase. B.$0. C.$50,000 decrease. D.$25,000...