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Problem 1: The accounting equation can be stated as
a. -A + L - OE = 0.
b. A + L - OE =0.
c. A - L - OE = 0.
d. A - L + OE =0.
Problem 2: If the sum of the debit column equals the sum of the credit column in a trial balance, it indicates
a. the mathematical equality of the accounting equation.
b. that all accounts reflect correct balances.
c. no errors have been made.
d. no errors can be discovered.
Problem 3: Shareholders' equity can be described as claims of
a. debtors on total assets.
b. owners on total assets.
c. customers on total assets.
d. creditors on total assets.
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