Accounting equation
Authored by Jack Jack
Business
University
Used 17+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Are you ready?
Yes
No
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which of the following equation best represent the accounting equation?
A=OE-L
A=L-OE
A=OE+L
OE= A+L
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Capital is classified as a (an)
Asset
Owners equity
Liability
Expense
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
An owner took stock for personal use.
Identify the two accounts affected
1. Bank
2. Drawings
1.Drawings
2.Capital
1.Inventory
2.Capital
1.Drawings
2.Inventory
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets increase on the credit side
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liabilities decrease on the debit side
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Loan is best classified as a (an)
Asset
Long term
Liability
Expense
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