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متابعة

On the last day of the period, Alan Cesska Company buys a $900 machine on credit. What will this transaction affect?

(a) income statement only.

(b) balance sheet only.

(c) income statement and owner’s equity statement only.

(d) income statement, owner’s equity statement, and

balance sheet.

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تم إضافة السؤال من قبل abdelaziz allam , محاسب اول , شركة كامبردج مصر للاستثمار التعليمي ش.م.م
تاريخ النشر: 2016/02/17
Mohamed matar
من قبل Mohamed matar , Finance Manager , ASG Group

(B)

Affect the balance sheet only

Malek Ibrahem
من قبل Malek Ibrahem , Accountant , Central trade and auto company - Toyota

(b) it will only affect balance sheet only.

Chandrashekara H
من قبل Chandrashekara H , Manager - Finance & Accounts , HP Group (Mphasis Ltd and GeBC)

Correct answer is B. Because the company bought the asset on last day. Depreciation is not applicable as asset bought is not considered and its ready to put to use, since then depreciation is applicable. Hence its only a balance sheet item. 

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