Identify the Impact on the Accounting Equation of the Following

question 177

Essay

Identify the impact on the accounting equation of the following transactions.
1. Purchased 36-month insurance policy for cash.
2. Purchased supplies on account.
3. Received utility bill to be paid at later date.
4. Paid utility bill previously accrued.

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Definitions:

Pygmalion Effect

The phenomenon whereby higher expectations lead to an increase in performance.

Performance

Performance refers to the execution of tasks and activities, and how effectively an individual, team, or organization achieves their objectives and goals.

Expectations

Are the beliefs about the future outcomes or performances, which can influence behavior and performance in an individual or group setting.

Impression Management

The process by which individuals attempt to control or manipulate the perceptions of others about themselves, often to appear more favorable or competent.