题目内容

The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:

A. Time-period assumption.
B. Revenue recognition principle.
C. Measurement (Cost) principle.
D. Business entity assumption.
E. Going-concern assumption.

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If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be:

Assets increase $4,500 and liabilities decrease $4,500.
B. Assets increase $4,500 and liabilities increase $4,500.
C. Equity decreases $4,500 and liabilities increase $4,500.
D. Equity increases $4,500 and liabilities decrease $4,500.
E. Liabilities decrease $4,500 and assets increase $4,500.

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Identify the account below that is classified as an asset account:

Accounts Payable
B. Unearned Revenue
C. J. Jackson, Capital
D. Service Revenue
E. Supplies

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The right side of a T-account is a(n):

A. Increase.
B. Account balance.
C. Decrease.
Debit.
E. Credit.

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The time period assumption assumes that an organization's activities can be divided into specific time periods such as months, quarters, or years.

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The accounting concept that requires every business to be accounted for separately from other business entities, including its owner or owners is known as the:

A. Time-period assumption. B. Revenue recognition principle. C. Measurement (Cost) principle. D. Business entity assumption. E. Going-concern assumption.

If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation would be:

Identify the account below that is classified as an asset account:

The right side of a T-account is a(n):

The time period assumption assumes that an organization's activities can be divided into specific time periods such as months, quarters, or years.

A. Time-period assumption.
B. Revenue recognition principle.
C. Measurement (Cost) principle.
D. Business entity assumption.
E. Going-concern assumption.