Dr. Mishari Alfraih -- Quiz #1

3 Questions

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Dr. Mishari Alfraih -- Quiz #1

Accounting 203 -- Quiz #1


Questions and Answers
  • 1. 
    The basic accounting equation is Assets = Liabilities + 
    • A. 

      Revenues

    • B. 

      Owner’s equity

    • C. 

      Expenses

    • D. 

      Owner’s drawings

  • 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