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- 1. Multiple ChoiceThe Accounting Equation must always be in balance?TrueFalse
- 2. Multiple ChoiceAssetsAnything owed by the companyAnything owned of value by the company
- 3. Multiple ChoiceSupplies purchased on account that will be paid for at a later date is a liability.TrueFalse
- 4. Multiple ChoiceThe owner's worth after assets are used to pay all liabilities is the definition ofOwner's EquityLiabilitiesAssets
- 5. Multiple ChoiceAlways keep business and personal records separate?TrueFalse
- 6. Multiple ChoiceCash received means Cash is:DecreasedIncreased
- 7. Multiple ChoicePaid Cash means cash has:DecreasedIncreased
- 8. Multiple ChoiceBought supplies on account means Supplies has increased and what other account has changed?Cash has decreasedAccount Payable has increased
- Answer choicesTagsAnswer choicesTags