1. What value should land be recorded at using cost concept?

2. Solve for the increase/decrease in total assets if given change of liabilities and owners equity.

3. What is the effect on the accounting equation when revenue is earned?

4. Identify how paying a liability would affect the accounting equation.

5. Identify how an owner withdrawal affects the accounting equation.

6. Identify the correct financial statement.

7. Identify which financial statement an account (asset, liability, etc) would be found on.

8. Identify the correct definition of either chart of accounts, journal, t-chart, etc.

It is a review and the teacher did not have any problems/exercise associated with the questions. That is why I think it is really confusing for me to even answer them.