Which of the following is a characteristic of a sole

This preview shows page 3 - 6 out of 7 pages.

Which of the following is a characteristic of a sole proprietorship? A. business owned by more than one person B. easy to form C. each stockholder acts as an owner of the company
D. can continue indefinitely Question 10 of 20 0.0/ 5.0 Points Which of the following will be recorded in the owner's equity column as an increase?
Question 11 of 20 5.0/ 5.0 Points A purchase of a vehicle for cash would have what effect on the accounting equation?
Question 12 of 20 5.0/ 5.0 Points If total liabilities are $18,000 and owner's equity is $21,000, the total assets must be __________.
D. $17,000 Question 13 of 20 5.0/ 5.0 Points How does the purchase of office equipment on account affect the accounting equation? A. assets increase; liabilities decrease B. assets increase; owner's equity increases C. assets increase; liabilities increase D. liabilities increase; owner's equity decreases
Question 14 of 20 5.0/ 5.0 Points

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture