Accounting Chapter 1 Question Preview (ID: 10434)
Chapter 1 Test Review.
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The accounting equation is most often stated as Assets + Liabilities = Owner's Equity
a) True
b) False
c)
d)
After each transaction, the accounting equation must remain in balance.
a) True
b) False
c)
d)
Total assets are the amount the owner has invested in the business.
a) True
b) False
c)
d)
When 2 asset accounts are changed in a transaction, there must be an increase and a decrease.
a) True
b) False
c)
d)
Assets are listed on the right side of the accounting equation.
a) True
b) False
c)
d)
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
c)
d)
A balance sheet has three major sections -- Assets and Liabilities on the left side and Owner's Equity on the right side.
a) True
b) False
c)
d)
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
c)
d)
The accouting equation must be in balance to be correct.
a) True
b) False
c)
d)
The capital account is the owner's liability account.
a) True
b) False
c)
d)
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