Which equation is correct ?
Corporation

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•
Business
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University
•
Medium
Tessa Vanina
Used 16+ times
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10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets+Liabilities=Equity
Assets=Liabilities+Equity
Assets+Equity=Liabilities
Assets+Liabilities=Capital
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is normal balance of Account Receivable ?
Debit
Credit
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Journal entries for : Paid monthly rent
Dr. Cash
Cr. Rent Expense
Dr. Prepaid Rent
Cr. Rent Expense
Dr. Rent Expense
Cr. Cash
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Purchase Land for $32,000 on account
Dr. Land
Cr. Accounts Payable
Dr. Land
Cr. Cash
Dr. Land
Cr. Accounts Receivable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the normal balance of Sales ?
Debit
Credit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Sales minus Cost of Good Sold equal with
Net Income
Gross Margin
Operating Income
Net Loss
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one is the most liquid assets ?
Account Receivable
Machinery
Inventories
Land
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