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ABM Week5

Quiz by Michelle

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10 questions
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  • Q1

    The basic accounting equation is Assets+Liabilities=Capital

    false
    true
    True or False
    15s
  • Q2

    The owner invests personal cash in the business. This will decrease capital

    false
    true
    True or False
    15s
  • Q3

    The company receives cash from a bank loan.  This will credit liability

    true
    false
    True or False
    15s
  • Q4

    The company repays the bank that hade lent money to the company.  This will debit assets.

    false
    true
    True or False
    15s
  • Q5

    The company purchases equipment with its cash.  This will debit liability.

    false
    true
    True or False
    30s
  • Q6

    The company purchase significant amount of supplies on credit. This will debit assets.

    true
    false
    True or False
    30s
  • Q7

    The company purchases Machinery in cash.  This will have no effect in Total Assets.

    true
    false
    True or False
    15s
  • Q8

    The company paid salaries in cash.  This will decrease liability.

    false
    true
    True or False
    15s
  • Q9

    Which of the following will cause owner's equity to increase?

    owner's withdrawal

    expenses

    income

    15s
  • Q10

    If the company debits the asset, the asset will

    decrease

    increase

    15s

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