Assets, Liabilities & Owner's Equity

A truck that is paid for is an example of a(n)

• liability

• owner's equity

• asset

When you borrow money it is said to be a(n)

• liability

• owner's equity

• asset

Accounts Payable is a(n)

• Asset

• Liability

• Owner's Equity

Accounts Receivable is a(n)

• Asset

• Liability

• Owner's Equity

An expense makes which account go down?

• Assets

• Liabilities

• Owner's equity

If liabilities are $3,000 and Owner's Equity is $8,000, What are the value of the assets?

• $5000

• $11,000

• $8,000

Cash is classified as a(n)

• asset

• liability

• owner's equity

When an owner withdraws cash from a business for personal use it is a reduction of

• Assets

• Liabilities

• Owner's equity

The accounting equation is:

• Assets = Liabilities - Owner's Equity

• Assets = Liabilities + Owner's Equity

Office Supplies are classified in the accounting equation under

• Assets

• Liabilites

• Owner's Equity