Dr. Mishari Alfraih -- Quiz #2

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Dr. Mishari Alfraih -- Quiz #2

Accounting 203 -- Quiz #2


Questions and Answers
  • 1. 
    The financial statement that reports assets, liabilities, and owner’s equity is the:
    • A. 

      Income statement

    • B. 

      Owner’s equity statement

    • C. 

      Balance sheet

    • D. 

      Statement of cash flow

  • 2. 
    Assets - liabilities =
    • A. 

      Expenses

    • B. 

      Owner's equity

    • C. 

      Revenues

    • D. 

      Cash

  • 3. 
    Liabilities + Owner's equity =
    • A. 

      Expenses

    • B. 

      Assets

    • C. 

      Revenues

    • D. 

      Cash

  • 4. 
    Which of the following will cause owner's equity to increase?
    • A. 

      Expenses

    • B. 

      Owner’s drawings

    • C. 

      Revenues

    • D. 

      Loss

  • 5. 
    Which of the following will cause owner's equity to decrease?
    • A. 

      Net income

    • B. 

      Sales

    • C. 

      Revenues

    • D. 

      Net loss