• 2022-06-07
    The simultaneous increase of assets and liabilities will certainly affect the accounting equation.( )
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      At the beginning of the period assets are $18,000 and at the end of the period assets are $21,000. At the beginning of the period liabilities are $11,000 and at the end of the period liabilities are $10,000. How did owners' equity for the period change? A: Decrease of $1,000 B: Increase of $3,000 C: Increase of $1,000 D: Decrease of $3,000 E: Increase of $4,000

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      The matching principle provides guidance in accounting for ( ). A: Expenses B: Assets C: Owner’s equity D: Liabilities

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      Which of the following is the accounting name for the things of value owned by an entity? A: Assets B: Liabilities C: Equity D: Cash

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      The accounting elements reflecting the financial status of the enterprise are A: Assets B: Income C: Cost D: Liabilities E: Owner's equity

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      For example, the purchase of advertising services on account, the recording of the expense will be accompanied by an increase in . A: liabilities B: assets C: cost D: expense