Answers
Answers:
2.
Correct answer is option b = they are amount owed by a company to their customers .
Explanation :
the statement given in option b is false .
Accounts receivables are not amount owed by company to their customers , instead it is amount customers owed to the company.
Account receivables are the amount of credit sales made to customers.
account receivables are one of the company's most liquid asset , are shown as current assets in balance sheet and can be one of the largest assets to the company.
thus all other statements given in option a, c and d are true.
~~~
3.
correct answer is option c = Account receivables increase , revenue increase .
Explanation :
When company makes sales on account, it means sales is made on credit and not on cash.
when on account sale is made,
Account receivables are debited and revenue A/c is credited.
thus on one side credit sale increases account receivables , on the other side it increases revenue.
thus option c is correct option and option d is incorrect.
on account sale does not affect cash , thus option a and b are also incorrect.
~~~
4.
Correct answer is option c = Balance Sheet , $ 40,000
Explanation :
Asset is always reported in balance sheet.
balance sheet have two components . assets and liabilities .
Revenue and expenses are reported in income statement.
Total assets :-
= Cash + inventory + Equipment + Accounts receivables
= $ 5,000 + 7,000 + 20,000 + 8,000
= $ 40,000
thus option c is correct .Balance sheet $ 40,000.
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