Accounting Chapter 1 Review Question Preview (ID: 47842)
Questions From Chapter 1.
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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)
Total assets are the amount the owner has invested in the business.
a) False
b) True
c)
d)
Detailed information about changes in owner’s equity is needed by owners and managers to make sound business decisions.
a) True
b) False
c)
d)
After each transaction, the accounting equation must remain in balance.
a) True
b) False
c)
d)
Payments for advertising, equipment repairs, utilities, and rent are liabilities.
a) False
b) True
c)
d)
A withdrawal is an expense.
a) False
b) True
c)
d)
The most common type of withdrawal by an owner from a business is the withdrawal of cash.
a) True
b) False
c)
d)
Payments for advertising, equipment repairs, utilities, and rent are liabilities.
a) False
b) True
c)
d)
A transaction for the sale of goods or services results in a decrease in owner’s equity
a) False
b) True
c)
d)
When two asset accounts are changed in a transaction, there must be an increase and a decrease
a) True
b) False
c)
d)
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