Question 1

Increases to owner's equity may be from

Accepted Answer

A)  expenses that are incurred. 
B)  expenses exceeding revenue for the period. 
C)  withdrawals of cash from the business by the owner. 
D)  revenue that is derived from sales of goods or services. 
A)  expenses that are incurred. 
B)  expenses exceeding revenue for the period. 
C)  withdrawals of cash from the business by the owner. 
D)  revenue that is derived from sales of goods or services. D

Question 2

The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet.

Accepted Answer

A) True 
 B)False  False

Question 3

____________________ is the amount by which business assets exceed the business liabilities.

Accepted Answer

Owner's equity

Question 4

It is not necessary to measure a business transaction in dollars.

Accepted Answer

A) True 
 B)False

Question 5

____________________ represent the amount a business charges customers for products sold or services performed.

Accepted Answer

The answer of ____________________ represent the amount a business charges...

Question 6

Match the terms with the definitions.

-Reports the profitability of business operations for a specific period of time.

Accepted Answer

A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity 
A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity

Question 7

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.

Accepted Answer

A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity 
A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity

Question 8

Meghan started her business by investing $30,000 in cash.This transaction would

Accepted Answer

A)  increase assets and increase owner's equity. 
B)  increase assets and increase liabilities. 
C)  increase one asset and decrease another asset. 
D)  decrease assets and decrease liabilities. 
A)  increase assets and increase owner's equity. 
B)  increase assets and increase liabilities. 
C)  increase one asset and decrease another asset. 
D)  decrease assets and decrease liabilities.

Question 9

A(n)____________________ is an economic event that has a direct impact on the business.

Accepted Answer

business t

Question 10

An example of an expense is

Accepted Answer

A)  investments. 
B)  supplies consumed. 
C)  prepaid insurance. 
D)  withdrawals by the owner. 
A)  investments. 
B)  supplies consumed. 
C)  prepaid insurance. 
D)  withdrawals by the owner.

Question 11

The accounting equation may be expressed as assets − liabilities = owner's equity.

Accepted Answer

A) True 
 B)False

Question 12

Match the terms with the definitions.

-Consists of the three basic accounting elements: assets = liabilities + owner's equity.

Accepted Answer

A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity 
A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity

Question 13

A(n)____________________ is an unwritten promise to pay a supplier for assets purchased or services received.

Accepted Answer

The answer of A(n)____________________ is an unwritten promise to pay...

Question 14

Match the terms with the definitions.

-An amount owed to a business by its customers as a result of the sale of goods or services.

Accepted Answer

A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity 
A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity

Question 15

Match the terms with the definitions.

-An economic event that has a direct impact on the business.

Accepted Answer

A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity 
A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity

Question 16

According to the business entity concept,a proprietor may include nonbusiness assets and liabilities in the business entity's accounting records.

Accepted Answer

A) True 
 B)False

Question 17

Withdrawing cash from a business entity will result in an increase in owner's equity.

Accepted Answer

A) True 
 B)False

Question 18

Match the terms with the definitions.

-A separate record used to summarize changes in each asset,liability,and owner's equity of a business.

Accepted Answer

A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity 
A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity

Question 19

Sue Lee paid $1,200 for her employees' salaries.This transaction would

Accepted Answer

A)  increase assets and decrease owner's equity. 
B)  increase assets and increase liabilities. 
C)  decrease assets and decrease liabilities. 
D)  decrease assets and decrease owner's equity. 
A)  increase assets and decrease owner's equity. 
B)  increase assets and increase liabilities. 
C)  decrease assets and decrease liabilities. 
D)  decrease assets and decrease owner's equity.

Question 20

Match the terms with the definitions.

-An individual,association,or organization that engages in economic activities and controls specific economic resources.

Accepted Answer

A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity 
A)  account 
B)  accounts payable 
C)  accounts receivable 
D)  accounting equation 
E)  assets
F) balance sheet
G) business entity
H) business entity concept
I) business transaction
J) drawing
K) expenses
L) income statement
M) liability
N) net income
O) net loss
P) notes payable
Q) owner's equity
R) revenues
S) statement of owner's equity

Increases to owner's equity may be from

The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet.

____________________ is the amount by which business assets exceed the business liabilities.

It is not necessary to measure a business transaction in dollars.

____________________ represent the amount a business charges customers for products sold or services performed.

Match the terms with the definitions. -Reports the profitability of business operations for a specific period of time.

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.

Meghan started her business by investing $30,000 in cash.This transaction would

A(n)____________________ is an economic event that has a direct impact on the business.

An example of an expense is

The accounting equation may be expressed as assets − liabilities = owner's equity.

Match the terms with the definitions. -Consists of the three basic accounting elements: assets = liabilities + owner's equity.

A(n)____________________ is an unwritten promise to pay a supplier for assets purchased or services received.

Match the terms with the definitions. -An amount owed to a business by its customers as a result of the sale of goods or services.

Match the terms with the definitions. -An economic event that has a direct impact on the business.

According to the business entity concept,a proprietor may include nonbusiness assets and liabilities in the business entity's accounting records.

Withdrawing cash from a business entity will result in an increase in owner's equity.

Match the terms with the definitions. -A separate record used to summarize changes in each asset,liability,and owner's equity of a business.

Sue Lee paid $1,200 for her employees' salaries.This transaction would

Match the terms with the definitions. -An individual,association,or organization that engages in economic activities and controls specific economic resources.

Introduction to Accounting

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

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Exam 2: Analyzing Transactions: the Accounting Equation

Increases to owner's equity may be from

The terms "profit and loss statement" or "operating statement" are sometimes used as synonyms for the balance sheet.

____________________ is the amount by which business assets exceed the business liabilities.

It is not necessary to measure a business transaction in dollars.

____________________ represent the amount a business charges customers for products sold or services performed.

Match the terms with the definitions. -Reports the profitability of business operations for a specific period of time.

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.

Meghan started her business by investing $30,000 in cash.This transaction would

A(n)____________________ is an economic event that has a direct impact on the business.

An example of an expense is

The accounting equation may be expressed as assets − liabilities = owner's equity.

Match the terms with the definitions. -Consists of the three basic accounting elements: assets = liabilities + owner's equity.

A(n)____________________ is an unwritten promise to pay a supplier for assets purchased or services received.

Match the terms with the definitions. -An amount owed to a business by its customers as a result of the sale of goods or services.

Match the terms with the definitions. -An economic event that has a direct impact on the business.

According to the business entity concept,a proprietor may include nonbusiness assets and liabilities in the business entity's accounting records.

Withdrawing cash from a business entity will result in an increase in owner's equity.

Match the terms with the definitions. -A separate record used to summarize changes in each asset,liability,and owner's equity of a business.

Sue Lee paid $1,200 for her employees' salaries.This transaction would

Match the terms with the definitions. -An individual,association,or organization that engages in economic activities and controls specific economic resources.

Introduction to Accounting

The Double-Entry Framework

Journalizing and Posting Transactions

Adjusting Entries and the Work Sheet

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters