Cash received for services rendered will increase ___

Assets & Capital

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Assets, Liabilities & Capital

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Assets & Liabilities

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Liabilities & Capital

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Solution

The correct option is A
Assets & Capital

Equation element(s) impacted as a result of transaction : “Assets” & “Capital”. The amount received shall add to the cash i.e. assets of the business & at the same time, the income shall add to the capital.

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Similar questions

Give an example for each of the following types of transaction.
(i) Increase in one asset, decrease in another asset.
(ii) Increase in asset, increase in liability.
(iii) Increase in asset, increase in owner's capital.
(iv) Decrease in asset, decrease in liability.
(v) Decrease in asset, decrease in owner's capital.
(vi) Decrease in liabilities, increase in owner's capital.
(vii) Increase in one liability, decrease in another liability.
(viii) Increase in liabilities, decrease in owner's capital.

Q. Capital = Liability - Assets

Q. Give one example of each of the following transactions:
(i) Increase in an asset and a liability.
(ii) Decrease in an asset and a liability.
(iii) Increase in assets and capital.
(iv) Decrease in assets and capital.

Q. The assets net of current liabilities is working capital.

Q. The accounting equation i.e. Assets = Capital + liabilities is based on _________________.

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Cash received for services rendered will increase ___

The correct option is A Assets & Capital Equation element(s) impacted as a result of transaction : “Assets” & “Capital”. The amount received shall add to the cash i.e. assets of the business & at the same time, the income shall add to the capital.

The correct option is A
Assets & Capital

Equation element(s) impacted as a result of transaction : “Assets” & “Capital”. The amount received shall add to the cash i.e. assets of the business & at the same time, the income shall add to the capital.