

Accounting Principles: Asset and Equity Transactions
Flashcard
•
Business
•
10th Grade
•
Practice Problem
•
Hard
MIN KYUNG KIM
FREE Resource
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5 questions
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1.
FLASHCARD QUESTION
Front
If only one asset is affected by a transaction, what must be affected in the same way?
Back
An equity account must be affected in the same way.
2.
FLASHCARD QUESTION
Front
True or False: If only one asset is affected by a transaction, then an equity account must be affected in the same way.
Back
True.
3.
FLASHCARD QUESTION
Front
What happens to the accounting equation if a liability is increased?
Back
An asset must be increased or another liability must be decreased.
4.
FLASHCARD QUESTION
Front
True or False: Increasing a liability will always result in an increase in an asset.
Back
False. It could also result in a decrease in another liability.
5.
FLASHCARD QUESTION
Front
In a transaction affecting only liabilities and equity, what must remain unchanged?
Back
Assets must remain unchanged.
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