Accounting I Fall 2023 Final

Accounting I Fall 2023 Final

60 Qs

quiz-placeholder

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Accounting I Fall 2023 Final

Accounting I Fall 2023 Final

Assessment

Quiz

others

Medium

Created by

Stephanie Harp

Used 4+ times

FREE Resource

60 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

A negative amount for net worth would reflect more debt than assets, something a creditor would favor.
True
False

4.

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

5.

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

6.

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

7.

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

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