When equipment is purchased on credit, a] assets and liabilities increase. b] assets increase and liabilities decrease. c] assets and owner’s equity increase. d] assets and expenses increase.

a] assets and liabilities increase. More test answers on https://studyhippo.com/chapter-02-accounting-flashcards/

Which of the following types of accounts have a normal credit balance? A. Assets and liabilities B. liabilities and expenses C. Revenues and liabilities D. Capital and drawing

revenues and liabilities More test answers on https://studyhippo.com/accounting-2301-final/

When a business purchases land on account: a) both assets and stockholders’ equity are increased b) assets are decreased and stockholders’ equity is increased c) both assets and liabilities are increased d) assets are increased and liabilities are decreased

both assets and liabilities are increased More test answers on https://studyhippo.com/acct-exams-1-4/

When classifying assets and liabilities:

furniture and fixtures are long – term assets. More test answers on https://studyhippo.com/accounting-test-1-umd-karen-samela/

Stockholders’ equity refers to which to the following? a) None of these. b) Probable future sacrifices of economic benefits. c) The ownership right of the stockholder(s) of the entity. d) A listing of the organization’s assets and liabilities. e) All of these.

c) The ownership right of the stockholder(s) of the entity More test answers on https://studyhippo.com/accy-200-midterm-1-practice-questions/

Gresham college is a *local private college* When reviewing the college’s financial repots, you would expect to see which of the following categories on its statement of assets and liabilities? (Balance Sheet)

*Unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets* More test answers on https://studyhippo.com/chapter-15-accounting-for-colleges-and-universities/

(T/F) The income statement of a firm shows the value of its assets and liabilities over a specified period of time.

False More test answers on https://studyhippo.com/finance-2000-chapter-4/

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