Acct. Ch. 3- Accounting Equation & Business Transactions
Authored by Stephannia Kabanakis
Business
10th - 12th Grade
Used 33+ times
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46 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation should remain in balance after each transaction
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business transaction affects at least 2 accounts
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
"Assets + Liabilities = Owner Equity" is another way to express the accounting equation
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The increase and decrease caused by business transaction are recorded in specific accounts
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The private enterprise system is based on the right to own property
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Owner's personal financial transaction are part of the business records
False
True
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total financial claims to the assets of a business are referred to as equity
True
False
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