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A creditor has a financial claim to the assets of a business.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
All of the following account titles are asset titles except ____.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
Each of the following is a business expense except a payment for ____.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
The owner's claims to the assets of a business are liabilities.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
The purchase of a desk on account will increase Office Furniture and will also increase ____.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
One of the purposes of accounting is to provide financial information about property and the rights to that property.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
After each transaction, the basic accounting equation should remain in balance.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
Assets + Liabilities = Owner's Equity is another way to express the basic accounting equation.
True
equipment
True
Accounts Payable
accounts payable
True
True
False
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