Delta Company Experienced an Accounting Event That Affected Its Financial

question 188

Multiple Choice

Delta Company experienced an accounting event that affected its financial statements as indicated below: Which of the following accounting events could have caused these effects on Delta's statements?

• A) Paid a cash dividend
• B) Incurred a cash expense
• C) Borrowed money from a bank
• D) Earned cash revenue

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Definitions:

Enumerated Powers

Specific powers granted to Congress as outlined in the United States Constitution.

Commerce Clause

A provision in the U.S. Constitution (Article I, Section 8, Clause 3) granting Congress the power to regulate trade between states, with foreign nations, and among Indian tribes.

Congress

A bicameral body of government in the United States tasked with making laws, comprised of two houses: the Senate and the House of Representatives.

Trade Among States

The exchange of goods, services, or both between states within a country, subject to regulations and restrictions by the government.