Ch 1 Changes that Affect the Accounting Equation REVIEW
Quiz
•
Business
•
10th - 12th Grade
•
Practice Problem
•
Medium
Rhonda Platt
Used 19+ times
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20 questions
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1.
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
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An expense is a decrease in owner's equity resulting from the operation of a business.
true
false
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The standards and rules that accountants follow while recording and reporting financial activities.
accounting concepts
GAAP
GAP
accounting general principles
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Anything of value that is owned is called a(n) _________________.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Payments for advertising, equipment repairs, utilities, and rent are liabilities.
true
false
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When an owner withdraws cash from the business, the transaction affects both assets and owner's equity.
true
false
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Paying cash for a telephone bill will increase or decrease capital.
increase
decrease
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