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Accounting Chapter 1
Test Description: Chapter 1 Test Review
Instructions: Answer all questions to get your test result.
1) The accounting equation is most often stated as Assets + Liabilities = Owner's Equity
A
True
B
False
2) After each transaction, the accounting equation must remain in balance.
A
True
B
False
3) Total assets are the amount the owner has invested in the business.
A
False
B
True
4) When 2 asset accounts are changed in a transaction, there must be an increase and a decrease.
A
True
B
False
5) Assets are listed on the right side of the accounting equation.
A
True
B
False
6) 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.
A
True
B
False
7) A balance sheet has three major sections -- Assets and Liabilities on the left side and Owner's Equity on the right side.
A
False
B
True
8) When financial records for a business and for its owner's personal belongings are not mixed, this is an application of the Business Entity accounting concept.
A
True
B
False
9) The accouting equation must be in balance to be correct.
A
False
B
True
10) The capital account is the owner's liability account.
A
False
B
True
*select an answer for all questions
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