Which of the following is not a transaction to be recorded in the accounting records of a company?Multiple ChoiceInvestment of cash by the ownersReceipt of services from a "quick-print" shop in exchange for the promise to provide advertising design services of equivalent valueSale of product to customersReceipt of a plaque recognizing the company's encouragement of employee participation in the United Way fund drive

In recording transactions for a business, the accountant will follow the Accounting Entity principle. This means that the accountant will:a.record cash transactions separately from credit transactionsb.separate spending on purchases from spending on non-current assetsc.separate the financial activities of the business from those of the ownerd.record revenues and expenses separately to calculate profits and losses

Which of the following transactions would LEAST likely be recorded in the special journals? Group of answer choicesCash received from customers for returned goods.Sales made on account with terms 2/10, n/30.Cash payments for purchases previously purchased on account.Purchase of equipment through issuance of a promissory note.

. All but the smallest of businesses record transactions at the time a purchase or saletakes place irrespective of payment or receipt of cash. This also gives rise to AccountsPayable and Accounts Receivable. Distinguish between the cash and accrual basis ofaccounting.

Which of the following is considered as accounting record?A. Bin CardB. Bill of materialC. Store LedgerD. None of these

Transactions that a business doesn't record in any specialized journal are recorded in which of the following journals or day books? A. Cash payments journal B. Cash receipts journal C. Purchases return journal D. General journal