What does the accounting equation represent?

SJI10- TLE 2ND QUARTER TERMS

Quiz
•
Other
•
10th Grade
•
Hard
TEACHER ROSE
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35 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets = Liabilities + Owner’s Equity
Assets = Liabilities + Owner’s Equity + Revenues - Expenses
Assets + Liabilities = Owner’s Equity
Revenues - Expenses = Owner’s Equity
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What effect do investments by the owner have on owner’s equity?
Decrease owner’s equity
Increase owner’s equity
Have no effect on owner’s equity
Increase liabilities
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are drawings in accounting terms?
Increases in owner’s equity
Withdrawals of cash or other assets by the owners
Revenues earned by the business
Expenses incurred by the business
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is defined as gross increases in owner’s equity from business activities?
Expenses
Drawings
Revenues
Assets
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following represents decreases in owner’s equity?
Revenues
Drawings
Investments
Assets
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes revenues?
Decreases in owner’s equity
Increases in owner’s equity from activities aimed at generating income
Increases in liabilities
Expenses incurred by the business
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to owner’s equity when a business incurs expenses?
It increases
It decreases
It has no effect
It remains constant
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