1) Which of the following is an Asset source transaction? a

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1) Which of the following is an Asset source transaction?

a. Issued common stock

b. Paid a cash dividend to stock holders

c. Collected cash from customers in settlement of accounts receivable

d. Accrued salary expense

 

2. Which of the following is an Asset use transaction?

a. Purchased machine for cash

b. Recorded insurance expense at the end of the period

c. Invested cash in an interest earning account

d. Accrued salary expense at the end of the period

 

3. Which of the following is a claims exchange transaction?

a. Recognized revenue earned on a contract where the cash had been collected at an earlier date

b. Issued common stock

c. Invested cash in an interest earning account

d. Purchased machine for cash

 

4. Which of the following is an Asset exchange transaction?

a. Issued common stock

b. Accrued salary expense at the end of the Accounting period

c. Collected cash on accounts receivable

d. Recognized revenue earned on a contract where the cash had been collected at an earlier date

 

5. If a company provides services to clients but has not yet collected any cash. how should that transaction be classified?

a. Claims exchange transaction

b. Asset use transaction

c. Asset source transaction

d. Asset exchange transaction