1. The accounting equation can be expressed as ..... a. Assets + Liabilities Shareholders' Equity b. Assets c. Shareholders' Equity - Assets Liabilities d. Assets 2. Another name for the balance sheet is the..... a. statement to financial position. c. statement of cash ows. Liabilities = Shareholders' Equity Liabilities - Shareholders' Equity b. statement of operations. d. statement of retained earnings. 3.Which account types normally have a credit balance? b. Expenses a. Revenues c. Liabilities d. Both a and c