【正文】 170. equity $30,000 decrease.Assets, $30,000 decrease。 liabilities, $30,000 decrease。 equity, no effect.D.Assets, $30,000 decrease。 liabilities, $30,000 decrease。 equity, $30,000 increase.B.Assets, $30,000 increase。Photometer Company paid off $30,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?syAn asset.E.Recordkeeping or bookkeeping.C.A.168.Equity.Liabilities.D.Accounts payable.B.Assets created by selling goods and services on credit are:yt$31,100E.$13,050C.A. Accounts Payable, $9,300. What is the amount of owner39。 Supplies, $650。On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash $20,500。ytIt is impossible to determine unless the amount of this owners39。$500,000.D.$900,000.B. the liabilities, $200,000. What are the claims of the owners?165.Assets minus liabilities and equity.The bookkeeping phase of accounting.D.Revenues minus expenses equals net ine.B.The balance sheet equation is:syRetained earnings.E.Expenses.C.A.163.Investment.Expense.D.Liability.B.A payment to an owner is called a(n):syClaims on them can be shared between creditors and owners.E.They are expected to provide future benefits to the business.C.A.161.A liability.Net loss.D.Net assets.B.The excess of expenses over revenues for a period is:syRevenue.E.Expenses.C.A.159.$198,000.Equity = $99,000 $32,000 = $67,000$99,000.D.$32,000.B.If assets are $99,000 and liabilities are $32,000, then equity equals:sys activities.E.Helps people make better decisionsD.Is an informationt system.B.Accountingsyts earning activities.E.Resources owned or controlled by a panyD.The same as net ine.B.Revenues are:sytRepresents assets taken from a pany for an owner39。Equals resources owned or controlled by a pany.D.Occurs when revenues exceed expenses.B.Net ine:sytOccur when equity exceeds revenue.E.s earning activity.C.Increase equity.B.Expenses:sytAccounting equation.E.Cost principle.C.A.153.Net ine.Business equation.D.Ine statement equation.B.s assets, liabilities, and equity, which is expressed as Assets = Liabilities + Equity, is known as the:152.s Investment.Expenses.E.Equity.C.A.151.Liabilities.Revenues.D.Net losses.B. claims on the assets of a pany are called:150.Net loss.Equity.D.Net ine.B.s assets and its liabilities, or net assets is:149.The excess of expenses over equity.An asset.D.Assets minus liabilities.B.Net ine is:syts Equity.E.Liabilities.D.Assets.B.s earnings activities are:147.Expenses.Owner39。Revenues.C.A.146. Assets = $192,000 + $300,000 = $492,000sytRepresents owners39。Equals assets minus liabilities.D.Decreases equity.B.Net Ine:l: C6Selling inventory.E.Withdrawals by the owner.C.A.143.All of these.Financing.C.A.142.Are also called strategic management.Involve acquiring and disposing of resources that a business uses to acquire and sell its products or services.D.Are the means organizations use to pay for resources like land, buildings and equipment.B.Operating activities:sy: C6s plans.E.Involve defining the ideas, goals, and actions of an organization.D.Are the means organizations use to pay for resources.B.Planning activities:l: C6Selling stock.E.Purchasing office equipment.C.A.139.s equity decreases $55,000。Assets decrease $55,000。s equity decreases $30,000。Assets decrease $30,000。s equity increases $52,000。Assets increase $22,000。s equity increases $30,000。Assets increase $52,000。s equity increases $22,000。Assets increase $52,000。If a parcel of land that was originally purchased for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchasers as easily being worth $140,000, and is sold for $137,000. At the time of the sale, assume that the seller still owed $30,000 to TrustOne Bank on the land that was purchased for $85,000. Immediately after the sale, the seller paid off the loan to TrustOne Bank. What is the effect of the sale and the payoff of the loan on the accounting equation?lt: C5s equity increases $140,000E.Assets increase $140,000。 owner39。s equity increases $85,000C.Assets increase $85,000。 owner39。A.136.None of these$137,000 increaseD.$85,000 increaseB.s books is:135.Business entity principle.E.Continuingconcern principle.C.A.133.The objective value to external users.The cash paid only, even if something other than cash was given in the exchange.D.The cash equivalent value of what was given up or received.B.s assets at:According to generally accepted accounting principles, a pany39。sl: C5Is a legal organization separate from its owners.E.Has unlimited liability.C.A.130.May only have two partners.Has owners called stockholders.D.Includes a general partner with unlimited liability.B.A limited partnership:sl: C5Business entity principleE.Goingconcern principleC.A.126.Only applies to panies that are members of the European Union.Has the authority to impose its standards on panies.D.Hopes to create harmony among accounting practices of different countriesB.The International Accounting Standards Board (IASB)sl: C5Business entity principle.E.Goingconcern principle.C.A.124.Business entity principleRevenue recognition principle.D.Goingconcern principle.B.The rule that (1) requires revenue to be recognized at the time it is e