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Hosted by Ms. Appel. True/False 1. Balance the Equation. Vocabulary. Balance Sheet. 100. 100. 100. 100. 200. 200. 200. 200. 300. 300. 300. 300. Final. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is False?. The accounting equation is most

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Hosted by Ms. Appel

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  1. Hosted by Ms. Appel

  2. True/False 1 Balance the Equation Vocabulary Balance Sheet 100 100 100 100 200 200 200 200 300 300 300 300 Final 400 400 400 400 500 500 500 500

  3. Row 1, Col 1 What is False? The accounting equation is most often stated as: Assets + Liabilities = Owner’s Equity

  4. Row 1, Col 2 What is $3,000? If Assets = $5,000; Liabilities = $2,000, what is the value of Owner’s Equity

  5. Row 1, Col 3 What is a proprietorship? A business owned by one person.

  6. Row 1, Col 4 What are Assets? Everything on the left side of the Balance Sheet

  7. Row 2, Col 1 What is True? After each transaction, the accounting equation must remain in balance.

  8. Row 2, Col 2 What is $33,000? If Owner’s Equity = $23,000 and Liabilities = $10,000; what is the value of Assets?

  9. Row 2, Col 3 What is a transaction? Daily Double A business activity that changes assets, liabilities, or owner’s equity.

  10. Row 2, Col 4 What are Liabilities? The first part of the right side of a Balance Sheet.

  11. Row 3, Col 1 What is True? When two asset accounts are changed in a transaction, there must be an increase and a decrease.

  12. Row 3, Col 2 What is $10,000? If Assets are $15,000 & Owner’s Equity is $5,000; what is the value of Liabilities?

  13. Row 3, Col 3 What is Owner’s Equity? The amount remaining after the value of all liabilities is subtracted from the value of all assets.

  14. Row 3, Col 4 What is Going Concern? Daily Double This concept is applied when preparing all financial statements, including the Balance Sheet.

  15. Row 4, Col 1 What is False? When cash is paid for supplies, assets increase and liabilities decrease.

  16. Row 4, Col 2 What is $25,000? If Assets are $30,000 & Liabilities are $5,000; what is the value of Owner’s Equity?

  17. Row 4, Col 3 What is an Accounting System? A planned process for providing financial information that will be useful to management.

  18. Row 4, Col 4 What are Accounts Payable? These types of accounts appear under the Liabilities section of the Balance Sheet

  19. Row 5, Col 1 What is False? When an account on one side of the accounting equation is increased, there must always be an increase on the other side to keep the equation in balance.

  20. Row 5, Col 2 What is $15,900? If Assets = $19,100; & Liabilities = $3,200; what is the value of Owner’s Equity?

  21. Row 5, Col 3 What is a Service Business? A business that performs an activity for a fee.

  22. Row 5, Col 4 What is Owner’s Capital Account? This type of account appears under the Owner’s Equity section of a Balance Sheet.

  23. What accounts would be affected with the following transaction and how would they be affected: Paid cash on account to Auto Design, $2,100.00 Final Jeopardy

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