How much do you know after Learning "A1" and Applying "B1" modules? 2A

This is just a quick survey so that I can get a formative assessment on what you learned after completing Module 1 - Starting a Proprietorship. Hopefully everyone will achieve an 80 or better! Your grade will be that of satisfaction if you get above this benchmark. YOUR NAME IS NOT REQUIRED!
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  1. An amount owed by a business is a liability. 


  1. Assets are listed on the right side of the accounting equation.
    A=L+OE 


  1. Financial rights to the assets of a business are called owner's equity. 


  1. A business that perfoms an activity for a fee is called a service business. 


  1. When supplies are bought on account, both Supplies and Accounts Payable are increased in the accounting equation. 


  1. When cash is paid for insurance, an asset and a liability are changed in the accounting equation. 


  1. A business activity that changes assets, liabilities, or owner's equity is called a balance. 


  1. The left side of the accounting equation must always equal the right side. 


  1. Owner's equity is listed on the left side of the balance sheet. 


  1. An expense is a decrease in owner's equity resulting from business operations. 


  1. The accounting concept Realization of Revenue is applied when a balance sheet is prepared with the expectation that the business will continue to operate indefinitely. 


  1. A withdrawal decreases owner's equity. 


  1. I am still confused about the Modules, Goal Contracts, Bi-Weekly Goal grade. Any way you look at it, I'M CONFUSED!!! 





Mrs. Smith