Which of the following is correct?

• ASSET LIABILITY OWNER'S EQUITY

  7,850 1,250 6,600

• ASSET LIABILITY OWNER'S EQUITY

  8,200 2,800 11,000

• ASSET LIABILITY OWNER'S EQUITY

  9,550 1,150 8,200

• ASSET LIABILITY OWNER'S EQUITY

  5420 6,540 1,120

Which of the following is a liability of a firm?

• building owned

• cash in firm’s safe

• money borrowed by the firm

• equipment

Entries recorded on the right side of any account are called

• increases

• credits

• decreases

• debits

All the followings are assets except

• unearned revenue

• cash

• equipment

• inventory

An account has two sides called the

• debit and credit

• asset and liability

• income and expense

• journal and pen

A chart of account is a (an)

• flowchart of all transactions

• list of names of all account titles

• accounting procedure

• journal

Entries recorded on the left side of any account are called

• increases

• credits

• decreases

• debits

Which of the following is an intangible asset?

• trademarks

• copyrights

• patents

• all of the above

Which of the following is a liability?

• accounts payable

• accounts receivable

• cash

• equipment

The acquisition of an asset on credit

• increases assets and owner’s equity

• increases assets and liabilities

• decreases assets and increases liabilities

• leaves total assets unchanged