The accounting equation is most often stated as Assets + Liabilities = Owner's Equity.

Accounting 1 Semester Test 1st

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•
Business, Life Skills
•
11th - 12th Grade
•
Hard
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71 questions
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1.
FLASHCARD QUESTION
Front
Back
False
2.
FLASHCARD QUESTION
Front
When two asset accounts are changed in a transaction, there must be an increase and a decrease.
Back
True
3.
FLASHCARD QUESTION
Front
A transaction for the sale of goods or services results in a decrease in owner's equity.
Back
False
4.
FLASHCARD QUESTION
Front
An expense is a decrease in owner's equity resulting from the operation of a business.
Back
True
5.
FLASHCARD QUESTION
Front
Payments for advertising, equipment repairs, utilities, and rent are liabilities.
Back
False
6.
FLASHCARD QUESTION
Front
Withdrawals are assets taken out of a business for the owner's personal use.
Back
True
7.
FLASHCARD QUESTION
Front
An amount recorded on the right side of a T account is a debit.
Back
False
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