Which of the Following Transactions Would Increase Total Assets? I

question 82

Multiple Choice

Which of the following transactions would increase total assets? I. Borrowed cash on a note payable, $80,000
II. Provided services on account, $10,000
III. Received cash from a customer as payment on account, $8,000
IV. Received a utility bill, $1,200

• A)I, II, and III
• B)I and II
• C)I and III
• D)All of these answers are correct.

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Definitions:

Formal Business Plan

A detailed document that outlines a company's goals, strategies, market analysis, financial forecasts, and operational plans.

Financial Statement

A financial statement is a formal record of the financial activities and position of a business, person, or other entity, typically including balance sheet, income statement, and cash flow statement.

Formal Business Plan

A detailed document that outlines the strategy, operations, financials, and the market perspective of a business.

Business Model Canvas

A strategic management template for developing new or documenting existing business models, visually describing a company's value proposition, infrastructure, customers, and finances.