Home / Questions / Apply the accounting equation to business organizations 1) The accounting equation can b
Apply the accounting equation to business organizations
1) The accounting equation can be stated as:
A) Assets + Liabilities = Shareholders' equity
B) Assets = Liabilities + Shareholders' equity
C) Assets = Liabilities - Shareholders' equity
D) Assets + Shareholders' equity = Liabilities
2) The owners' interest in the assets of a corporation is known as:
A) assets
B) shareholders' equity
C) expenses
D) revenues
3) On January 1, 2010, total assets for Liftoff Technologies were $125,000; on December 31, 2010, total assets were $145,000. On January 1, 2010, total liabilities were $110,000; on December 31, 2010, total liabilities were $115,000. What are the amount of the change and the direction of the change in Liftoff Technologies shareholders' equity for 2010?
A) decrease of $15,000
B) increase of $15,000
C) increase of $30,000
D) decrease of $30,000
4) Claims held by the shareholders (owners) of a corporation are referred to as:
A) retained earnings
B) share capital
C) share capital minus retained earnings
D) share capital plus retained earnings
5) Payables are classified as:
A) increases in earnings
B) assets
C) decreases in earnings
D) liabilities
6) Receivables are classified as:
A) increases in earnings
B) assets
C) decreases in earnings
D) liabilities
7) Revenues are:
A) increases in liabilities resulting from delivering goods or services to customers
B) increases in retained earnings resulting from delivering goods or services to customers
C) decreases in assets resulting from delivering goods or services to customers
D) decreases in retained earnings resulting from delivering goods or services to customers
8) If assets increase $120,000 during a given period and liabilities decrease $25,000 during the same period, shareholders' equity must:
A) increase $95,000
B) decrease $145,000
C) decrease $95,000
D) increase $145,000
9) If liabilities increase $120,000 during a given period and shareholders' equity decreases $25,000 during the same period, assets must:
A) decrease $145,000
B) increase $145,000
C) increase $95,000
D) decrease $95,000
10) Expenses are:
A) increases in assets resulting from operations
B) increases in retained earnings resulting from operations
C) increases in liabilities resulting from purchasing assets
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