Multiple Choice
Which of the following statements regarding the accounting equation is incorrect?
A) The equation is the basic tool of accounting.
B) The equation consists of three categories: assets, liabilities, and equity.
C) Each category of the accounting equation contains accounts.
D) The equation can be stated as assets plus liabilities equals equity.
Correct Answer:
Verified
Correct Answer:
Verified
Q112: The trial balance is an internal document
Q113: A bank deposit slip is a source
Q114: A business pays $800 cash for office
Q115: Revenues and the owner's contributions in the
Q116: Amounts earned from delivering goods or services
Q118: The Accounts Payable account of Waterford Company
Q119: The proportion of assets that are financed
Q120: A T-account is a summary device with
Q121: Provide a definition of each of
Q122: The trial balance verifies the equality of