
Accounting I Fall 2023 Final
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation is most often stated as Assets + Liabilities = Owner’s Equity.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
After each transaction, the accounting equation must remain in balance.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A negative amount for net worth would reflect more debt than assets, something a creditor would favor.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When two asset accounts are changed in a transaction, there must be an increase and a decrease.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Detailed information about changes in owner’s equity is needed by owners and managers to make sound business decisions.
6.
MULTIPLE CHOICE QUESTION
30 sec • 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.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A transaction for the sale of goods or services results in a decrease in owner’s equity.
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