Acct. I Chapter 1

Acct. I Chapter 1

Assessment

Flashcard

Business

10th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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41 questions

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1.

FLASHCARD QUESTION

Front

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

Back

False

2.

FLASHCARD QUESTION

Front

After each transaction, the accounting equation must remain in balance.

Back

True

3.

FLASHCARD QUESTION

Front

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

Back

False

4.

FLASHCARD QUESTION

Front

When two asset accounts are changed in a transaction, there must be an increase and a decrease.

Back

True

5.

FLASHCARD QUESTION

Front

Detailed information about changes in owner's equity is needed by owners and managers to make sound business decisions.

Back

True

6.

FLASHCARD QUESTION

Front

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.

Back

True

7.

FLASHCARD QUESTION

Front

A transaction for the sale of goods or services results in a decrease in owner's equity.

Back

False

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