What is the basic Accounting Equation?, Assets = Liabilities + Owner's Equity, Assets = Liabilities - Owner's Equity, Owner's Equity = Assets + Liabilities, Which of the following is a Current Asset?, Accounts Receivable, Buildings, Long-term Loans, Buying equipment for Cash results in:, Increase in Asset and Decrease in Asset, Increase in Asset and Increase in Liability, Decrease in Asset and Decrease in Owner's Equity, The normal balance of Expenses is:, Debit, Credit, Liability, Transactions are recorded in the Journal by:, Chronological order (Date), Alphabetical order, Amount size, Which statement shows the Financial Position at a specific date?, Balance Sheet, Income Statement, Trial Balance, If Assets = 10,000 and Liabilities = 4,000, then OE is:, 6,000, 14,000, 4,000, Recording assets at their actual cost price is called:, Historical Cost Principle, Fair Value Principle, Revenue Recognition, Cash taken by the owner for personal use is:, Drawings, Net Loss, Operating Expenses, The main purpose of the Trial Balance is to:, Prove that total Debits equal total Credits, Calculate the Net Profit, Determine the Market Value of Assets.
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