Accounting Equation

The Accounting Equation must always be in balance? 

• True
• False

Assets 

• Anything owed by the company
• Anything owned of value by the company

The owner's worth after assets are used to pay all liabilities is the definition of

• Owner's Equity
• Liabilities
• Assets

Always keep business and personal records separate?

• True
• False

Cash is a ....

• Asset

• Liability

• Equity

• Expense

Accounts payable is a ​ (a)  

• Liability
• Owner Equity
• Asset

In the Accounting Equation: What you​ (a)   is equal to what you ​ (b)  

• Own
• Owe
• See
• think

any "Payable" Account is

What a company owns is referred to Owners

​ (a)   include loans, accounts payable, mortgages, deferred revenues, bonds, warranties, and accrued ...

• Liability
• Asset
• Equity