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Assignment 1

The document is an assignment submission with a total score of 40 out of 50 points. It includes questions related to accounting concepts such as owner's equity, the basic accounting equation, and balance sheets, with some correct and incorrect answers noted. The respondent provided their email and answered various questions about assets, liabilities, and owner's equity items.

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Mohamad ayoubi
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25 views6 pages

Assignment 1

The document is an assignment submission with a total score of 40 out of 50 points. It includes questions related to accounting concepts such as owner's equity, the basic accounting equation, and balance sheets, with some correct and incorrect answers noted. The respondent provided their email and answered various questions about assets, liabilities, and owner's equity items.

Uploaded by

Mohamad ayoubi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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3/22/22, 2:40 PM Assignment 1

Assignment 1 Total points 40/50

The respondent's email (mad059@live.aul.edu.lb) was recorded on submission of this form.

15 of 25 points

Owner's equity is best depicted by the following: 5/5

Assets = Liabilities

Liabilities + Assets

Residual equity + Assets

Assets – Liabilities.

The basic accounting equation may be expressed as 0/5

Assets = Equities.

Assets – Liabilities = Owner's Equity.

Assets = Liabilities + Owner's Equity.

all of these.

Correct answer

all of these.

https://docs.google.com/forms/d/e/1FAIpQLSd1psCQUq1Bz22QcL5szHx-mLzxA-gqxtsUSnl3DLnI3TXtCw/viewscore?viewscore=AE0zAgALMyM2x1c… 1/6
3/22/22, 2:40 PM Assignment 1

Liabilities of a company would not include 5/5

notes payable.

accounts payable.

wages payable.

cash

Net income results when 5/5

Assets > Liabilities.

Revenues = Expenses.

Revenues > Expenses.

Revenues < Expenses.

A balance sheet shows 0/5

Revenues, liabilities, and owner's equity.

expenses, drawings, and owner's equity.

revenues, expenses, and drawings.

assets, liabilities, and owner's equity

Correct answer

assets, liabilities, and owner's equity

25 of 25 points
https://docs.google.com/forms/d/e/1FAIpQLSd1psCQUq1Bz22QcL5szHx-mLzxA-gqxtsUSnl3DLnI3TXtCw/viewscore?viewscore=AE0zAgALMyM2x1c… 2/6
3/22/22, 2:40 PM Assignment 1

For the items listed below, fill in the appropriate code letter to indicate 5/5
whether the item is an asset, liability, or owner's equity item.

Rent Expense 2/2

OE

Cash 2/2

OE

https://docs.google.com/forms/d/e/1FAIpQLSd1psCQUq1Bz22QcL5szHx-mLzxA-gqxtsUSnl3DLnI3TXtCw/viewscore?viewscore=AE0zAgALMyM2x1c… 3/6
3/22/22, 2:40 PM Assignment 1

Accounts Receivable 2/2

OE

Dan Pine, Drawing 2/2

OE

Service Revenue 2/2

OE

https://docs.google.com/forms/d/e/1FAIpQLSd1psCQUq1Bz22QcL5szHx-mLzxA-gqxtsUSnl3DLnI3TXtCw/viewscore?viewscore=AE0zAgALMyM2x1c… 4/6
3/22/22, 2:40 PM Assignment 1

Office Equipment 2/2

OE

Accounts Payable 2/2

OE

Dan Pine, Capital 2/2

OE

https://docs.google.com/forms/d/e/1FAIpQLSd1psCQUq1Bz22QcL5szHx-mLzxA-gqxtsUSnl3DLnI3TXtCw/viewscore?viewscore=AE0zAgALMyM2x1c… 5/6
3/22/22, 2:40 PM Assignment 1

Insurance Expense 2/2

OE

Notes Payable 2/2

OE

This form was created inside of AUL University.

Forms

https://docs.google.com/forms/d/e/1FAIpQLSd1psCQUq1Bz22QcL5szHx-mLzxA-gqxtsUSnl3DLnI3TXtCw/viewscore?viewscore=AE0zAgALMyM2x1c… 6/6

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