Welcome to Closing Entries and Their Impact on Owner's Equity. Here are the questions you can practice with multiple choice answers. Answer all the questions and see your scores.
1.
If a company records accrued revenue at the end of the accounting period, how does this affect the accounting equation?
2.
If a business takes out a loan, how does this transaction impact the accounting equation?
3.
What happens to the accounting equation when a business pays off a portion of its accounts payable?
4.
Which of the following best defines the accounting equation?
5.
In the accounting equation, what represents the resources owned by the business?
6.
Which financial statement is prepared using the adjusted balances after adjusting entries?
7.
If a business owner invests additional capital into the business, how does this affect the accounting equation?
8.
How are adjusting entries reflected in the accounting equation?
9.
What does Owner's Equity represent in the accounting equation?
10.
When a business purchases equipment with cash, what happens to the accounting equation?
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