Accounting Quiz | Download for quality grades | Highlighted correct answers |

Document Content and Description Below

QUESTION 1 1. Owner's equity is best depicted by the following: Assets = Liabilities Liabilities + Assets Residual equity + Assets. Assets - Liabilities. QUESTION 2 1. Which one of the followi... ng represents the expanded basic accounting equation? Assets = Liabilities + Owner's Capital - Owner's Drawings + Revenue - Expenses. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Assets - Liabilities - Owner's Drawings = Owner's Capital + Revenues - Expenses. Assets = Revenues + Expenses - Liabilities. QUESTION 3 1. An account will have a credit balance if the credits exceed the debits. first transaction entered was a credit. debits exceed the credits. last transaction entered was a credit. QUESTION 4 [Show More]

Last updated: 1 year ago

Preview 1 out of 2 pages