Nyesha Garbutt

11/09/20
Accounting Test Chapter 1
Section 1 : Multiple Choice
1. C
2. B
3. A
4. A
5. D
Section 2 : True / False
6. True
7. False
8. True
9. True
10. True
Section 3 : Matching
11. F. Revenues
12. A. Assets
13. C. Statement of Owners Equity
14. E. Owner Withdrawal
15. B. Going- concern Principle
Section 4 : Fill in the blanks
16. Assets
17. Partnership
18. Shareholders / stockholders
19. Income
20. Withdrawals
Section 5: Problem Solving
21. $120,000 + $200,000
Beginning Equity = $320,000
Liabilities- $120,000 - $20,000
= $100,000 Ending Equity= $260,000
Assets- $200,000 + $160,000
= $360,000
22. EXCEL SHEET ATTACHED