Question
The accounting equation may be expressed as
a.Assets = Equities – Liabilities
b.Assets + Liabilities = Owner’s Equity
c.Assets = Revenues – Liabilities
d.Assets − Liabilities = Owner’s Equity
Which of the following is not an asset?The assets and
liabilities of the company are $128,000 and $84,000, respectively.
Owner’s equity should equal
a. $212,000b. $44,000c. $128,000d. $84,000
If total liabilities decreased by $46,000 during a period of
time and owner’s equity increased by $60,000 during the same
period, the amount and direction (increase or decrease) of the
period’s change in total assets is
a.$106,000 increase b.$14,000 increase c.$14,000
decrease d.$106,000 decrease
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