Exam 2: Analyzing Transactions: the Accounting Equation
Exam 1: Introduction to Accounting 49 Questions
Exam 2: Analyzing Transactions: the Accounting Equation55 Questions
Exam 3: The Double-Entry Framework79 Questions
Exam 4: Journalizing and Posting Transactions84 Questions
Exam 5: Adjusting Entries and the Work Sheet83 Questions
Exam 6: Financial Statements and the Closing Process88 Questions
Exam 7: Accounting for Cash92 Questions
Exam 9: Payroll Accounting: Employer Taxes and Reports76 Questions
Exam 10: Accounting for Sales and Cash Receipts64 Questions
Exam 11: Accounting for Purchases and Cash Payments73 Questions
Exam 12: Special Journals56 Questions
Exam 13: Accounting for Merchandise Inventory70 Questions
Exam 14: Adjustments and the Work Sheet for a Merchandising Business66 Questions
Exam 15: Financial Statements and Year-End Accounting for a Merchandising Business86 Questions
Exam 16: Accounting for a Professional Service Business: The Combination Journal54 Questions
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Match the terms with the definitions.
-Withdrawals that reduce owner's equity as a result of the owner taking cash or other assets out of the business for personal use.
(Multiple Choice)
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Withdrawing cash from a business entity will result in an increase in owner's equity.
(True/False)
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The accounting equation may be expressed as assets - liabilities = owner's equity.
(True/False)
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Revenues received during an accounting period increase owner's equity.
(True/False)
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The accounting equation shows the relationship among the three basic accounting elements-assets, revenues, and owner's equity.
(True/False)
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Match the terms with the definitions.
-An individual, association, or organization that engages in economic activities and controls specific economic resources.
(Multiple Choice)
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Expenses that are incurred in operating the enterprise increase owner's equity.
(True/False)
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Match the terms with the definitions.
-The amount by which the business assets exceed the business liabilities.
(Multiple Choice)
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If owner's equity and liabilities increased during the period, then assets must also have increased.
(True/False)
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A business entity is an individual, association, or organization with control over economic resources and which engages in economic activities.
(True/False)
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Match the terms with the definitions.
-Reports the profitability of business operations for a specific period of time.
(Multiple Choice)
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The statement of owner's equity shows the state of the business on a specific date.
(True/False)
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Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would
(Multiple Choice)
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