Answer:
Correct option is (B)
Explanation:
In accounting, double entry book keeping is followed as every financial transaction has dual effect on the books of accounts. It starts with the accounting equation which stated:
Assets = Liabilities + Stockholder's Equity
If there is an increase in assets, there has to be a subsequent increase in either liability or stockholder's equity.
Every transaction is debited in one account and credited in some other account.
For example Depreciation for the year is $2,000. Depreciation expense account is debited by $2,000 and accumulated depreciation account is credited by $2,000.
Since Sandra recognizes that an effect on asset will have a simultaneous effect on either liability or equity, she is following double entry bookkeeping.
Answer:
Explanation: Financial Statement
the financial statement is an annual statement stating the financial position of an organisation
Under the financial statement we have:
1. Income Statement: Expenses, Net Income
2. Balanced Sheet: Cash Asset, Non cash Asset, Retained Earnings
3. Statement of stockholders equity: Contributed Capital, cash inflow for stock issued, cash outflow for dividends
4. Statement of cash flow: cash flow for capital expenditures
Given that <span>Al
contracted to sell his house to bev. subsequently, they both changed
their minds and agreed to cancel the contract.
The contract between al
and bev is discharged by rescission.</span>
Answer:
is this a question? maybe you could give more context.
Refiners are in the secondary sector of the market because they are taking inputs and making them into products for consumption.
