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

Chapter 1 Accounting Review (11E)

Quiz
•
Life Skills
•
9th - 12th Grade
•
Medium
Kim Munk
Used 9+ times
FREE Resource
36 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
After each transaction, the accounting equation must remain in balance.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When two asset accounts are changed in a transaction, there must be an increase and a decrease.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Detailed information about changes in owner’s equity is needed by owners and managers to make sound business decisions.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When items are bought and paid for at a future date, another way to state this is to say these items are bought on account.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A transaction for the sale of goods or services results in a decrease in owner’s equity.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Keeping separate the financial records for a business and for its owner’s personal belongings is an application of the Business Entity accounting concept.
True
False
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