Flynn Corp

question 33

Multiple Choice

Flynn Corp., which is authorized to issue 25,000 shares of no-par common stock, issued 10,000 shares for $150,000. What effect will this event have on the accounting equation?

• A) Increase assets by $375,000 increase, equity by $375,000.
• B) Increase assets by $150,000, increase net income by $150,000.
• C) Increase assets by $150,000, increase equity by $150,000.
• D) Increase assets by $150,000, increase net income by $150,000 and increase assets by $150,000, increase equity by $150,000.

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Definitions:

Source Code

The human-readable instructions and statements written by developers in programming languages, used to create software applications.

Syntax

An agreed-on set of rules defining how a language must be structured.

Compiler

A program that translates code written in a high-level programming language into machine language so it can be executed by a computer.

Interpreter

A program that executes instructions written in a programming or scripting language, translating them into machine code one line at a time at runtime.