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ACC 111 - Ch.! - Accounting in Action

Quiz by Sayed Hasan

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4 questions
Show answers
  • Q1

    Area company’s resources with future benefits- things a company owns or controls. Choose the correct anwers

    OwnersEquity

    Assets

    Liabilities

    30s
  • Q2

    A Company’s obligations – an amount that a company owes

    Owner's Equity

    Liabilities

    Asset

    30s
  • Q3

    Property rights- Claims of business owner

    Owner's Equity

    Asset

    Liabilities 

    30s
  • Q4

    What is the basic accounting equation??

    Owner's Equity  = Assets - Liabilities 

    Liabilities  = Assets + Owner's Equity

    Assets = Liabilities + Owner's Equity

    30s

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