
Exercise 1
Quiz
•
Science
•
2nd Grade - University
•
Practice Problem
•
Medium
Dung Phương
Used 8+ times
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19 questions
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1.
FILL IN THE BLANK QUESTION
45 sec • 1 pt
The basic accounting equation is Assets = Liabilities + __________
2.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following will cause owner's equity to increase?
Expenses
Owner Draws
Revenue
None
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following will cause owner's equity to decrease?
Net Income
Net Loss
Revenue
4.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The accounting equation should remain in balance because every transaction affects how many accounts?
Only One
Only Two
Two Or More
5.
FILL IN THE BLANK QUESTION
45 sec • 1 pt
A corporation's net income is eventually recorded in the following stockholders' equity account: __________
6.
FILL IN THE BLANK QUESTION
45 sec • 1 pt
A corporation's quarterly __________ will cause a reduction in the corporation's retained earnings, which in turn reduces the corporation's stockholders' equity. However, this will not reduce the corporation's net income.
7.
FILL IN THE BLANK QUESTION
30 sec • 1 pt
The financial statement with a structure that is similar to the accounting equation is the __________
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