1) The Account Equation is ? a) Liabilities =Assets + Owner's equity  b) Asseta = Liabilities - Owner's equity  c) Assets = Liabilities + Owner's equity 2) Account payable, Account receivable, Loan Are Example of Liabilities a) True b) Fulse 3) Long term Liabilities be (over one year) a) True b) Fulse 4) Debit a) Capital b) Liabilities c) Assets d) Expenses e) Drawings

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