The accounting equation is: Assets = Liabilities + Owner’s Equity, true, false, Revenues decrease the owner’s capital, true, false, Expenses decrease the owner’s capital, true, false, Drawings increase the owner’s capital, true, false, Assets are things that the business owns and control, true, false, Liabilities are the debts of the business, true, false, The normal balance of assets is Credit, true, false, The normal balance of revenues is Credit, true, false, When the owner invests cash in the business, the capital increases, true, false, Buying equipment on account increases assets and liabilities, true, false, Paying utility expenses increases capital, true, false, Providing services for cash increases cash and revenue, true, false
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Accounting
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