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History of Bookkeeping: Single-Entry vs Double-Entry

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History of Bookkeeping: Single-Entry vs Double-Entry

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Questions and Answers

What would be the impact of Tommy TUMler investing his assets as an in-kind investment on the company's balance sheet?

Debt capital would increase

Equity would decrease

Total liabilities would decrease

Equity would increase (correct)

If Tommy TUMler chooses to invest his assets as an in-kind investment, what impact would it have on the total liabilities on the company's balance sheet?

Total liabilities would increase

There would be no impact on total liabilities (correct)

Fixed assets would decrease

Total liabilities would decrease

How would the company's total assets be affected if Tommy TUMler makes an in-kind investment with his assets?

Total assets would remain the same

Equity capital would decrease

Total assets would increase (correct)

Total assets would decrease

What is the primary impact of Tommy TUMler investing his assets as an in-kind investment on the company's balance sheet?

Equity capital would strengthen Signup and view all the answers

When was single-entry bookkeeping initiated?

Around 4000 BC Signup and view all the answers

Who is considered the 'father' of double-entry bookkeeping?

Pacioli Signup and view all the answers

What does Pacioli say would indicate a mistake in the ledger?

Total of left side and right side not tallying Signup and view all the answers

What does Pacioli declare a successful merchant needs?

Sufficient cash or credit, good keepers, and an accounting system Signup and view all the answers

Which of the following best describes fixed assets?

Machinery and land that serve the company for a longer term Signup and view all the answers

Which of the following is an example of a current asset?

Cash Signup and view all the answers

What is the time value of the machines and tools purchased by Tommy TUMler?

3,000 CU for machines and 1,000 CU for tools Signup and view all the answers

Which of the following would be considered a fixed asset?

Office building Signup and view all the answers