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ACTG 121 - CH1

"The Accounting Equation is: A. Assets + Liabilities = Owner’s Equity. B. Assets = Liabilities – Owner’s Equity. C. Assets = Liabilities + Owner’s Equity. D. Assets = Liabilities x Owner’s Equity. " C. Assets = Liabilities + Owner’s Equity.
Which item is not an asset? A. Cash B. Accounts Payable C. Accounts Receivable D. Supplies
Total liabilities decreased by $75,000 & total owner’s equity increased by $90,000 during the same accounting time period what is the net effect on total assets during this period? $15,000 increase $15,000 decrease $90,000 increase $90,000 decrease
Recording accounting goods and services at actual cost is mandated by the: A. Stable Monetary Unit Assumption. B. Continuity (Going Concern) Assumption. C. Entity Assumption. D. Historical Cost Principle.
Which financial statement formula is the same as the accounting equation? A. Income Statement B. Statement of Retained Earnings C. Balance Sheet D. Statement of Cash Flow
The Stable Monetary Unit Assumption allows one to: A. ignore the effects of inflation. B. assume that the dollar’s purchasing power does not fluctuate. C. do both A and B. D. do none of the above.
Which financial statement reports on the revenues and expenses during a specified period of time? A. Income Statement B. Statement of Retained Earnings C. Balance Sheet D. Statement of Cash Flows
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