Illinois Company Experienced an Accounting Event That Affected Its Financial

question 49

Multiple Choice

Illinois 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 the company's financial statements?

• A) paid a cash dividend
• B) earned cash revenue
• C) borrowed money from a bank
• D) none of these

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Definitions:

Decreases

The process of becoming smaller or fewer in amount, size, intensity, or degree.

Chief Executive Officers (CEOs)

the highest-ranking corporate officers or executives in charge of managing an organization, responsible for making major corporate decisions.

Resolute

Demonstrating firm determination or unwavering resolve in attitude, purpose, or action.

Humble

Demonstrating a modest or low view of one's own importance; not arrogant or prideful.