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Accounting Chapter 1 Review
Test Description: Questions from Chapter 1
Instructions: Answer all questions to get your test result.
1) 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
2) Total assets are the amount the owner has invested in the business.
A
False
B
True
3) Detailed information about changes in owner’s equity is needed by owners and managers to make sound business decisions.
A
False
B
True
4) After each transaction, the accounting equation must remain in balance.
A
True
B
False
5) Payments for advertising, equipment repairs, utilities, and rent are liabilities.
A
False
B
True
6) A withdrawal is an expense.
A
True
B
False
7) The most common type of withdrawal by an owner from a business is the withdrawal of cash.
A
True
B
False
8) Payments for advertising, equipment repairs, utilities, and rent are liabilities.
A
False
B
True
9) A transaction for the sale of goods or services results in a decrease in owner’s equity
A
False
B
True
10) When two asset accounts are changed in a transaction, there must be an increase and a decrease
A
False
B
True
*select an answer for all questions
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