Finance Multiples : Choose the correct answer by ClassOf1

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									              Sub: Finance & Mgt. Accounting                                                             Topic:Multiples



              Question:
              Choose the correct answer in the options.

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              Choose the correct answer from the given option.

              Solution:

              1. Lakeside Realty used supplies costing $50. This transaction:
                     a. decreased supplies and decreased cash
                     b. increased inventory and decreased cash
                     c. increased supplies expense and decreased cash
                     d. increased supplies expense and decreased supplies

                        Correct answer: d

              2. Cost of goods sold is an:
                      a. asset
                      b. liability
                      c. revenue
                      d. expense

                        Correct answer: d

              3. An expense is recognized when:
                     a. a business buys inventory
                     b. a business buys supplies
                     c. a business pays rent
                     d. a business repays a loan

                        Correct answer: c




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