4260162
Description
Quiz by hanh.dao.sapp, updated more than 1 year ago
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Created by hanh.dao.sapp
over 8 years ago
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Question 1
Question
Which of the following is the normal way to present the accounting equation?
Answer
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Liabilities = Assets – Owners’ equity
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Assets – Liabilities = Owners’ equity
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Assets = Liabilities + Owners’ equity
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Assets – Liabilities – Owners’ equity = 0
Question 2
Question
2. A business has $250,000 total liabilities. At start-up, the owners invested $500,000 in the business. Unfortunately, the business has suffered a cumulative loss of $200,000 up to the present time. What is the amount of its total assets at the present time?
Answer
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500
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600
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550
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650
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