1.
The basic accounting equation is Assets = Liabilities +
__________
Owner's Equity or Stockholders' Equity (if a corporation).
Net assets (if a nonprofit organization).
.
For each of the transactions in items 2 through 13, indicate the two (or more) effects on the accounting equation of the business or company.
2. The owner invests personal cash in the business.
Assets
Increase
Right!
The company's asset account Cash increases.
Liabilities
Increase
Wrong.
Liabilities are not involved in this transaction.
Decrease
Wrong.
Liabilities are not involved in this transaction.
No Effect
Right!
Liabilities are not involved in this transaction.
Owner's (or Stockholders') Equity
Increase
Right!
The proprietor's Capital account increases. (If the company is a corporation, then the Common Stock account(s) will increase.)
3. The owner withdraws cash from the business for personal use.
Assets
Decrease
Right!
The company's asset account Cash will decrease.
Liabilites
Increase
Wrong.
Liabilities are not involved in this transaction.
Decrease
Wrong.
Liabilities are not involved in this transaction.
No Effect
Right!
Liabilities are not involved in this transaction.
Owner's (or Stockholders') Equity
Decrease
Right!
The proprietorship's owner's equity decreases by an entry to the Drawing account. If the company is a corporation, Stockholders' Equity will decrease by an entry to Retained Earnings or to Dividends.
4. The company receives cash from a bank loan.
Assets
Increase
Right!
The company's asset account Cash increases.
Liabilities
Increase
Right!
The company's liabilities (such as Notes Payable or Loans Payable) have increased.
Owner's (or Stockholders') Equity
Increase
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
Decrease
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
No Effect
Right!
Owner's (Stockholders') Equity is not involved in this transaction.
5. The company repays the bank that had lent money to the company.
Assets
Decrease
Right!
The company's asset account Cash decreased.
Liabilities
Decrease
Right!
The company's liabilities (such as Notes Payable or Loans Payable) have decreased
Owner's (or Stockholders') Equity
Increase
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
Decrease
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
No Effect
Right!
Owner's (Stockholders') Equity is not involved in this transaction.
6. The company purchases equipment with its cash.
Assets
Increase
Right!
The asset Equipment will increase. However, the asset Cash will decrease by the same amount. Therefore, the total amount of assets will not change.
Decrease
Right!
The asset Cash will decrease. However, the asset Equipment will increase by the same amount. Therefore, the total amount of assets will not change.
No Effect
Right!
There is no effect on the total amount of assets. However, the asset Equipment increased by the same amount that the asset Cash decreased.
Liabilities
Increase
Wrong.
Liabilities are not involved in this transaction.
Decrease
Wrong.
Liabilities are not involved in this transaction.
No Effect
Right!
Liabilities are not involved in this transaction.
Owner's (or Stockholders') Equity
Increase
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
Decrease
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
No Effect
Right!
Owner's (Stockholders') Equity is not involved in this transaction.
7. The owner contributes his/her personal truck to the business.
Assets
Increase
Right!
An asset such as Trucks increased.
Liabilities
Increase
Wrong.
Liabilities are not involved in this transaction.
Decrease
Wrong.
Liabilities are not involved in this transaction.
No Effect
Right!
Liabilities are not involved in this transaction.
Owner's (or Stockholders') Equity
Increase
Right!
The proprietor's Capital account increased. (If the company is a corporation, then the Common Stock account(s) would increase.)
8. The company purchases a significant amount of supplies on credit.
Assets
Increase
Right!
The company's asset account Supplies increases.
Liabilities
Increase
Right!
The company's liability account Accounts Payable increases.
Owner's (or Stockholders') Equity
Increase
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
Decrease
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
No Effect
Right!
Owner's (Stockholders') Equity is not involved in this transaction. Owner's (Stockholders') Equity will be reduced when the supplies are used.
9. The company purchases land by paying half in cash and signing a note payable for the other half.
Assets
Increase
Right!
The asset Land has increased. (Two other accounts are also involved.)
Decrease
Right!
The asset Cash has decreased. (Two other accounts are also involved.)
No Effect
Wrong.
The balances of two asset accounts have changed.
Liabilities
Increase
Right!
Liabilities (Notes Payable account) have increased.
Owner's (or Stockholders') Equity
Increase
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
Decrease
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
No Effect
Right!
Owner's (Stockholders') Equity is not involved in this transaction.
Information for Items 10 through 13
Company X provides consulting services to Client Q in May. Company X bills Client Q in May for the agreed upon amount of $5,000. The sales invoice shows that the amount will be due in June.
10. In May, Company X records the transaction by a debit to Accounts Receivable for $5,000 and a credit to Service Revenues for $5,000. What is the effect of this entry upon the accounting equation for Company X?
Assets
Increase
Right!
The asset Accounts Receivable increased.
Liabilities
Increase
Wrong.
Liabilities are not involved in this transaction.
Decrease
Wrong.
Liabilities are not involved in this transaction.
No Effect
Right!
Liabilities are not involved in this transaction.
Owner's (or Stockholders') Equity
Increase
Right!
Revenues cause Owner's (Stockholders') Equity to increase. (In a proprietorship the owner's Capital account will increase. In a corporation the Retained Earnings account will increase.)
11. In June, Company X receives the $5,000. What is the effect on the accounting equation and which accounts are affected at Company X?
Assets
Increase
Right!
The asset Cash will increase. However, the asset Accounts Receivable will decrease. Therefore, the total amount of assets will not change.
Decrease
Right!
The asset Accounts Receivable will decrease. However, the asset Cash will increase. Therefore, the total amount of assets will not change.
No Effect
Right!
There is no effect on the total amount of assets. However, the asset Cash increased by the same amount that the asset Accounts Receivable decreased.
Liabilities
Increase
Wrong.
Liabilities are not involved in this transaction.
Decrease
Wrong.
Liabilities are not involved in this transaction.
No Effect
Right!
Liabilities are not involved in this transaction.
Owner's (or Stockholders') Equity
Increase
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
Decrease
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
No Effect
Right!
Owner's (Stockholders') Equity is not involved in this transaction.
12. What is the effect on Client Q's accounting equation in May when Client Q records the transaction as a debit to Consultant Expense for $5,000 and a credit to Accounts Payable for $5,000?
Assets
Increase
Wrong.
Assets are not involved in this transaction.
Decrease
Wrong.
Assets are not involved in this transaction.
No Effect
Right!
Assets are not involved in this transaction.
Liabilities
Increase
Right!
Liabilities increase because Accounts Payable is a liability.
Owner's (or Stockholders') Equity
Decrease
Right!
An expense will cause Owner's (Stockholders') Equity to decrease.
13. What is the effect on Client Q's accounting equation in June when Client Q remits the $5,000? Also, which accounts will be involved?
Assets
Decrease
Right!
The asset Cash will decrease.
Liabilities
Decrease
Right!
Liabilities will decrease, since Accounts Payable is a liability.
Owner's (or Stockholders') Equity
Increase
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
Decrease
Wrong.
Owner's (Stockholders') Equity is not involved in this transaction.
No Effect
Right!
Owner's (Stockholders') Equity is not involved in this transaction.
14.
Which of the following will cause owner's equity to increase?
Expenses
Wrong.
Expenses will cause owner's equity to decrease.
Owner Draws
Wrong.
Owner's draws will cause owner's equity to decrease.
Revenues
Right!
Revenues will cause owner's equity to increase
15.
Which of the following will cause owner's equity to decrease?
Net Income
Wrong.
Net income will cause owner's equity to increase
Net Loss
Right!
A net loss will cause owner's equity to decrease.
Revenues
Wrong.
Revenues will cause owner's equity to increase.
16.
The accounting equation should remain in balance because every transaction affects how many accounts?
Only Two
Two Or More
Right!
Every transaction will affect two or more accounts.
17.
A corporation's net income is eventually recorded in the following stockholders' equity account:
__________
.
18.
A corporation's quarterly will cause a reduction in the corporation's retained earnings, which in turn reduces the corporation's stockholders' equity. However, this will not reduce the corporation's net income.
19.
The financial statement with a structure that is similar to the accounting equation is the .
20.
The financial statement that reports the portion of change in owner's equity resulting from revenues and expenses during a specified time interval is the
__________
.
Page 2
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In my roles as a business owner, member of senior management teams and as a business consultant, I frequently deal with accounting-related issues. While I have a solid grasp of a wide range of accounting practices and methods, I still find that there are times when I want to refresh or investigate aspects of accounting that I either seldom visit or have not had the opportunity to work with. When those circumstances arise, I turn to AccountingCoach which I find covers not only a wide range of topics but usually in enough depth and detail that you can use it almost like a condensed primer on any given topic. The information and examples are complete enough that I find I can apply what is shown to the task at hand and have the result be equal to what I would get from an accounting professional. It is not an exaggeration to state that it has saved both time and cost on numerous occasions. Highly recommended!
-James F.
Living in a small tourist rural town, there are limited choices in the job market. I knew if I bumped up my skills, I would become eligible for a bookkeeping position locally. AccountingCoach has helped me do that. Such a small investment for a HUGE return. Thank you so much for making this available!
-Pam P.
I would like to say thank you very much for your support. I am a student of Accounting at George Mason University in Virginia. I found your website some time ago, and I have been a PRO member ever since. From the moment I found AccountingCoach, I recognize the value, quality and effort of your work. Currently, I am taking Financial Accounting. I confess I was scared because it has been awhile since I took accounting classes. Thankfully, AccountingCoach helps me to not just refresh my mind on basic accounting terminology, but also helps me to understand new terminology in plain English.
-Desire S.
I found AccountingCoach online about 2 years ago. It has helped me tremendously to brush up on knowledge and information about accounting that I don't have time to go to school for. I have been an accountant for many years and don't plan on going back to college at this point; I have a Bachelor’s degree already. I use AccountingCoach to study for a job in accounting if I am not familiar with the work or to understand something like cash flow statements when prepping for a job interview. Recently, I used the online exams extensively to study for a city accounting job; with great success. Thank you Harold!
-Mary B.
I have been using AccountingCoach in my bookkeeping business for a few years now and love it! There are times when I need an answer to some accounting situation that baffles me and always have been able to find the answers I need on your website. I particularly like the clear and concise way the material is presented so I can quickly get results.
-Cheryl N..
I enrolled in an accounting course online. I was sent textbooks and a workbook in the mail and that was it. I was on my own to figure out the rest. It was difficult trying to match the course and workbook together to do the lessons and exercises and the explanations left too many gaps and questions. I knew I needed extra support. I stumbled upon AccountingCoach in an internet search and from the little I was able to read, I gained a far better understanding than the college-level textbook I had been studying for months. I signed up for PRO and it got even better. I'm able to do more exercises and gain extra studying tools and more detailed explanations to ensure my understanding of the accounting process. Truthfully, I've learned more through the AccountingCoach Pro than the college textbook and it cost sooo much less! It has been a life saver. I don't think I could have continued without it. Thank you for creating such an amazing experience and giving me the confidence I needed to keep working towards my goal.
-Crystal C.
AccountingCoach is a simply fantastic self-learning source. The way it explains various accounting concepts in such a simple and self explanatory manner is really commendable. Being an engineering student, with no past accounting background, AccountingCoach has been a great saviour in my MBA accounting module. The Balance Sheets, Statement of Cash Flows, and Income Statement all have been explained very beautifully. Thank you AccountingCoach. Keep up the good work.
-Amber A.
