Ashworth A01 Accounting Quiz 2/Verified Answer/ All correct/Score 100%

Ashworth A01 Accounting Quiz 2



Question

Question 1 of 20

Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded

accounting equation changes include __________.

A. increase in both cash and withdrawal

B. decrease in both cash and withdrawal

C. decrease in cash and increase in withdrawal

D. increase in cash and decrease in withdrawal

Question 2 of 20

Which of the following items are on both the balance sheet and the statement of owner's equity?

A. Net loss

B. Capital

C. Additional owner's investments

D. Owner's withdrawals

Question 3 of 20

BPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital

account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for

personal expenses. The balance in the Owner’s Capital account at the end of the period will be

__________.

A. $5,850

B. $7,500