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Financial Accounting Assignment, Quiz Example

Pages: 1

Words: 139

Quiz
  1. Investing activities are those that require the use of resources to produce, sell and distribute goods and services… F
  2. Equity is created when a company obtains financial resources from owners…T
  3. The Sale of equipment is a financing activity… F
  4. Liabilities represent legal obligations of an organization to provide cash or goods or services to external parties in future… T
  5. A balance among the elements of the accounting equation must be balanced at all times…T
  6. Investing decisions involve choices about when and where to obtain financial resources and the amount needed… T
  7. Contributions of resources into the business by its owner (s) are known as revenues… F
  8. In accounting, debit refers to decreases in account balances… F
  9. Accounting can be described as a link between business activities and business decisions… T
  10. Return on Assets is an analytical tool that can be used to evaluate profitability of a Company… T
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