12 Questions
What would be the impact of Tommy TUMler investing his assets as an in-kind investment on the company's balance sheet?
Equity would increase
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?
There would be no impact on total liabilities
How would the company's total assets be affected if Tommy TUMler makes an in-kind investment with his assets?
Total assets would increase
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
When was single-entry bookkeeping initiated?
Around 4000 BC
Who is considered the 'father' of double-entry bookkeeping?
Pacioli
What does Pacioli say would indicate a mistake in the ledger?
Total of left side and right side not tallying
What does Pacioli declare a successful merchant needs?
Sufficient cash or credit, good keepers, and an accounting system
Which of the following best describes fixed assets?
Machinery and land that serve the company for a longer term
Which of the following is an example of a current asset?
Cash
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
Which of the following would be considered a fixed asset?
Office building
Explore the historical origins of bookkeeping, from single-entry bookkeeping in ancient civilizations to the development of double-entry bookkeeping. Learn about the use of clay tablets in Babylonia and Egypt for recording transactions and the transition to double-entry bookkeeping. Test your knowledge on the 'father' of double-entry bookkeeping and its significance.
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