Ch 1 quiz

Ch 1 quiz - Review Assessment REAL QUIZ FOR CHAPTER 1...

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Review Assessment: REAL QUIZ FOR CHAPTER 1 Questio n 1 5 out of 5 points The debt created by a business when it makes a purchase on account is referred to as an Correct Answer: Questio n 2 5 out of 5 points The assets and liabilities of the company are $175,000 and $40,000, respectively. Owner’s equity should equal Correct Answer: Questio n 3 5 out of 5 points How does the owner withdrawing cash from the business affect the accounting equation? Correct Answer: Questio n 4 5 out of 5 points Debts owed by a business are referred to as Correct Answer: Questio n 5 5 out of 5 points Profit is the difference between
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Questio n 5 5 out of 5 points Correct Answer: Questio n 6 5 out of 5 points Earning revenue Correct Answer: Questio n 7 5 out of 5 points A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equation was to Correct Answer: Questio n 8 5 out of 5 points How does the purchase of supplies on account affect the accounting equation? Correct Answer:
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Ch 1 quiz - Review Assessment REAL QUIZ FOR CHAPTER 1...

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