acc111

Assets=Liabilities-Owner's Equity is the accounting equation

• TRUE

• FALSE

What type of an account is cash?

• ASSET

• LIABILITIES

• OWNER'S EQUITY

The accounting equation must always be

• balanced

• uneven

• zero

• equal to the square root of 5

__________________ is the language of business.

• Finance

• Business Essentials

• Accounting

• English

Something of value OWNED by the company is a

• Liability

• Asset

• Owner's Equity

Something of value OWED by a company is called a(n)

• Asset

• Liability

• Owner's Equity

Account Payable is Assets

• TRUE

• FALSE

Account Receivable is

• Liabilities

• Assets

• Owners Equity

All the following account are assets except:

• Prepaid Insurance

• Supplies

• Notes Payable

If If the company has total assets BD40000 and total liabilities BD11,000, then total owner's equity (capital) will equal:

• BD51,000

• BD29,000

• BD15,000