Which transactions are involved in Liability?
A. payment of accounts payable
B. repayment of short-term loan to financial institution
C. payment of advertising with cash
D. withdrawal of capital
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Which transactions are involved in Owner’s equity?
A. sale of goods to customer
B. provision of services to client
C. withdrawal of capital
D. contribution of capital by owners
Which equations are correct？
A. Profit = Income – Expenses
B. Assets = Liabilities +Owner’s Equity + Income – Expenses
C. Assets = Liabilities +Owner’s Equity
D. Assets = Liabilities - Owner’s Equity
Financial statements include?
A. Balance sheet
B. Trial balance sheet
C. Statement of profit or loss
D. Cash statement
Which ones are included by liabilities?
A. Notes payable
B. Rent revenue
C. Accounts payable
D. Taxes payable
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