ACCT105 Week 1 Quiz.docx - ACCT105 Week 1 Quiz Part 1 of 1...

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ACCT105 Week 1 QuizPart 1 of 1 -100.0/ 100.0 PointsQuestion 1 of 1010.0/ 10.0 PointsEach partner may be held liable for the actions of other partners when they are acting within thescope of the business.A. TrueB.FalseAnswer Key:TrueQuestion 2 of 10
10.0/ 10.0 PointsThe purchase of equipment for cash would:
E. None of the above.Answer Key:CQuestion 3 of 1010.0/ 10.0 PointsAnother way to express the accounting equation is: Assets – Stockholders’ Equity = Liabilities.Question 4 of 10
10.0/ 10.0 PointsThe payment of business debts:
D. Increases assets.Answer Key:CQuestion 5 of 1010.0/ 10.0 PointsAssets are generally recorded at cost because this amount is the objective price determined in theexchange process.
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Term
Winter
Professor
Natalya Snow
Tags
Balance Sheet, Generally Accepted Accounting Principles, partner

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