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Accounting Equation

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8 questions

  • 1. Multiple Choice
    30 seconds
    1 pt
    The Accounting Equation must always be in balance? 
    True
    False
  • 2. Multiple Choice
    30 seconds
    1 pt
    Assets 
    Anything owed by the company
    Anything owned of value by the company
  • 3. Multiple Choice
    30 seconds
    1 pt
    Supplies purchased on account that will be paid for at a later date is a liability.
    True
    False
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