Reference no: EM132999043
Problem 1: If the liabilities owed by a business total $300,000 and owner's equity is equal to $300,000, then the assets also total $300,000.
Select one:
True
False
Problem 2: Proprietorships are owned by one owner and provide only services to their customers.
Select one:
True
False
Problem 3: Which of the following best describes accounting?
Select one:
a. is used only for filling out tax returns and for financial statements for various type of governmental reporting requirements
b. is of no use by individuals outside of the business
c. records economic data but does not communicate the data to users according to any specific rules
d. is an information system that provides reports to users regarding economic activities and condition of a business
Problem 4: How does paying a liability in cash affect the accounting equation?
Select one:
a. assets increase; liabilities decrease
b. assets increase; liabilities increase
c. liabilities decrease; owner's equity increases
d. assets decrease; liabilities decrease
Problem 5: Receiving payments on an account receivable increases both equity and assets.
Select one:
True
False
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