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Accounting Ch 1 Review

Authored by LANA MABE

Business

10th - 12th Grade

Used 29+ times

Accounting Ch 1 Review
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the accounting equation?

Liabilities - Owner's Equity = Assets

Assets = Liabilities + Owner's Equity

Assets = Liabilities - Owner's Equity

Owner's Equity - Liabilities = Assets

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The accounting equation does not have to be in balance to be correct.

True

False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

True

False

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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.

True

False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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

True

False

6.

MULTIPLE CHOICE QUESTION

1 min • 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

1 min • 1 pt

Keeping separate financial records for a business and for its owner's personal belongings is an application of Business Entity accounting concept.

True

False

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