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.Which of the following transactions does not involve an exchange of value

.Which of the following transactions does not involve an exchange of value?

 

a.

Loss from theft

b.

Purchase of a building on credit

c.

Payment of a debt

d.

Borrowing money

 

 

 

111.An accounting measurement is concerned with all except which of the following?

 

a.

Separate entity

b.

Financial position

c.

Business transaction

d.

Money measure

 

 

 

112.The separate entity concept requires that

 

a.

transactions that involve an exchange of value be kept separate from those that do not.

b.

the personal assets and liabilities of an owner not be shown on the business's financial statements.

c.

tax records be kept separate from financial reporting records.

d.

a separate set of books be established for each segment of a business.

 

 

 

113.The topic of foreign exchange rates relates most closely to the concept of

 

a.

business transactions.

b.

separate entity.

c.

money measure.

d.

nonexchange transactions.

 

 

 

114.All of the following are considered nonexchange transactions except

 

a.

the wear and tear on machinery.

b.

losses from fire, flood, and theft.

c.

the sale of goods and services.

d.

the day-by-day accumulation of interest.

 

 

 

115.Which of the following transactions involves an exchange of value?

 

a.

Wear and tear on equipment

b.

Accumulation of interest

c.

Sale of services

d.

Flood loss

 

 

 

116.Which of the following is legally a separate entity from its owner(s)?

 

a.

Partnership only

b.

Sole proprietorship only

c.

Corporation only

d.

Sole proprietorship and partnership only

 

 

 

117.Most business enterprises in the United States are

 

a.

corporations.

b.

partnerships.

c.

sole proprietorships.

d.

government units.

 

 

 

118.Which of the following is considered by accountants to be a separate entity from its owner(s)?

 

a.

Sole proprietorship, partnership, and corporation

b.

Corporation only

c.

Partnership only

d.

Sole proprietorship only

 

 

 

119.Dividends of a corporation are declared by its

 

a.

creditors.

b.

board of directors.

c.

officers.

d.

stockholders.

Dec 10 2019 View more View Less

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