1) Target is considered a __Merchandizing_ type of business. a. Manufacturing b. Merchandizing c. not-for-profit d. service 2) Under this concept, business activities are kept separate from activities of the owner: a. Business Entity b. Cost c. Matching d. Accrual 3) Acme Inc. currently has assets of $500,000, liabilities of $100,000, and owners equity of $400,000. Which of the following transactions would increase assets to $600,000? a. Additional owner investment of $100,000 b. Getting a bank loan for $100,000 c. Financing a $100,000 plot of land with a $100,000 mortgage. d. All of the above are correct. 4) The accounting equation may also be expressed as a. Liabilities Assets = Owners Equity b. Owner's Equity = Assets + Liability c. Assets Liabilities = Owners Equity d. Assets Net Income = Owner's Equity 5) Acme Inc. purchased land for $50,000 cash. Which element or elements would not be affected by this transaction? a. Owners Equity b. Assets c. Assets and Liabilities d. Liabilities and Owners Equity 6) Which one of these transactions does not affect Owners Equity? a. Owners withdrawal b. Payment from customer for services rendered on account. c. Incurred expense d. Payoff of bank loan 7) The matching concept applies to what financial statement? a. Income Statement b. Statement of Cash Flows. c. Statement of Owners Equity d. Balance Sheet 8) Which of these accounts has a normal credit balance? a. Asset b. Owners Drawing c. Revenue d. Expense 9) The first stage of the accounting cycle is: a. Journalizing b. Posting c. Trial Balance d. Closing 10) The posting reference column in a journal is used to designate the: a. Journal page number b. The type of account the transaction affects (A, L, OE) c. The account number to be posted to d. Ledger page number please check my answer if my incorrect explain i will rate 1/ b 2/ a 3/ d 4/ c 5/d 6/b 7/a 8/c 9/ a 10/ a