Financial Accounting
5th Edition
ISBN: 9781618531650
Author: Thomas Dyckman
Publisher: Cambridge Business Publishers
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Chapter 1, Problem 5MC
To determine
Identify the correct option regarding
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The accounting equation can be restated as: Assets - Equity = Liabilities.
True or False
True
False
The accounting equation can be expressed asa. Assets = Liabilities − Equity.b. Assets + Liabilities = Equity.c. Assets − Liabilities = Equity.d. Equity − Assets = Liabilities.
Which of the following is not a proper representation of the accounting equation?
Equity = Assets + Liabilities
Liabilities = Assets - Equity
Assets = Liabilities + Equity
Assets - Liabilities = Equity
Chapter 1 Solutions
Financial Accounting
Ch. 1 - Prob. 1MCCh. 1 - Prob. 2MCCh. 1 - Prob. 3MCCh. 1 - Prob. 4MCCh. 1 - Prob. 5MCCh. 1 - Prob. 1QCh. 1 - Prob. 2QCh. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5Q
Ch. 1 - Prob. 6QCh. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - Prob. 9QCh. 1 - Prob. 10QCh. 1 - Prob. 11QCh. 1 - Prob. 12QCh. 1 - Prob. 13QCh. 1 - Prob. 14QCh. 1 - Prob. 15QCh. 1 - Prob. 16QCh. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - Prob. 19MECh. 1 - Prob. 20MECh. 1 - Prob. 21MECh. 1 - Prob. 22MECh. 1 - Prob. 24MECh. 1 - Prob. 25MECh. 1 - Prob. 26MECh. 1 - Prob. 27ECh. 1 - Prob. 28ECh. 1 - Prob. 29ECh. 1 - Prob. 30ECh. 1 - Prob. 31ECh. 1 - Prob. 32ECh. 1 - Prob. 33ECh. 1 - Prob. 34ECh. 1 - Prob. 35ECh. 1 - Prob. 36PCh. 1 - Prob. 37PCh. 1 - Prob. 38PCh. 1 - Prob. 39PCh. 1 - Prob. 40PCh. 1 - Prob. 41PCh. 1 - Prob. 42PCh. 1 - Prob. 43PCh. 1 - Prob. 44PCh. 1 - Prob. 45PCh. 1 - Prob. 46CPCh. 1 - Prob. 47CPCh. 1 - Prob. 48CPCh. 1 - Prob. 49CPCh. 1 - Prob. 50CP
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- What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.arrow_forwardConsider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payablearrow_forwardClassification of Financial Statement Items Classify each of the following items according to (1) whether it belongs on the income statement (IS) or balance sheet (BS) and (2) whether it is a revenue (R), expense (E), asset (A), liability (L), or stockholders equity (SE) item.arrow_forward
- From othe basic accounting equation Assets = Liabilities + Owners Equity, where does uncollectible accounts belong?arrow_forwardWhat is the accounting equation? Briefly explain each of the three parts Asset ( the curent and fixed ) = liabilities ( the curent and fixed )+ equityarrow_forwardCompute the following: A. Current Asset B. Non current asset C. Total asset D. Current liabilities E. Non current liabilities F. Total liabilities G. Equity H. Net income I. Total liabilities and equity J. Prepare a Statement of Financial Positionarrow_forward
- Which of the following elements of financial statements is most closely related tomeasurement of financial position?a. Equityb. Revenuec. Expensesarrow_forwardWhich of the following is the correct accounting equation? A. Assets + Revenues = Liabilities + Expenses B. Assets + Liabilities = Equity C. Assets = Liabilities + Equity D. Assets + Revenues = Equityarrow_forwardPlease compute for the following: 1. Total noncurrent assets 2. Total liabilities and shareholders' equityarrow_forward
- The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equityarrow_forwardWhich of the following is an incorrect depiction of the accounting equation? O Assets - Equity = Liabilities O Assets - Liabilities = Equity O Assets + Equity = Liabilities O Assets = Liabilities + Equityarrow_forwardWhy does a balance sheet balance (assets = Liabilities + OE)?arrow_forward
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