always lower than liabilities equal to liabilities less equity owner’s the same as expenses because they are acquired with cash financed by the owner and/or creditors d ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-03 - 01-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Debts owed by a business are referred to as accounts receivables expenses equity owner’s liabilities d ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-03 - 01-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The accounting equation may be expressed as Assets = Liabilities Equities − Assets + Liabilities = Owner's Equity Assets = Revenues Liabilities − Assets Liabilities = Owner's Equity − d ANSWER: Easy DIFFICULTY: Remembering Bloom’s: ACCT.WARD.16.01-03 - 01-03 LEARNING OBJECTIVES: ACCT.ACBSP.APC.06 - Recording Transactions ACCREDITING STANDARDS: ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following is not an asset? investments cash
always lower than liabilities equal to liabilities less owner’s equity the same as expenses because they are acquired with cash financed by the owner and/or creditors ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-03 - 01-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Debts owed by a business are referred to as accounts receivables expenses owner’s equity liabilities ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-03 - 01-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.ACBSP.APC.16 - Current Liabilities Reporting ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The accounting equation may be expressed as Assets = Equities − Liabilities Assets + Liabilities = Owner's Equity Assets = Revenues − Liabilities Assets − Liabilities = Owner's Equity ANSWER: d DIFFICULTY: Easy Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.01-03 - 01-03 ACCREDITING STANDARDS: ACCT.ACBSP.APC.06 - Recording Transactions ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following is not an asset? investments cash