1.A business pays off a note payable. What effect does this have on the accounting? equation? A. Assets? increase, Liabilities remain the? same, and? Stockholders' Equity increases. B. Assets? increase, Liabilities? decrease, and? Stockholders' Equity remains the same. C. Assets? decrease, Liabilities remain the? same, and? Stockholders' Equity increases. D. Assets? decrease, Liabilities? decrease, and? Stockholders' Equity remains the same

2.

If Total Assets remain the same and Total? Stockholders' Equity? increases, Liabilities? will:

A.

increase by the same amount.

B.

decrease by the same amount.

C.

increase by a different amount.

D.

remain the same.

The Income Statement is used to? report:

A.

the financial position for a specific period.

B.

results of operations for a specific date.

C.

the financial position on a specific date.

D.

results of operations for a specific period.

The Balance Sheet is used to? report:

A.

results of operations for a specific period.

B.

the financial position for a specific period.

C.

the financial position on a specific date.

D.

results of operations for a specific date.