CHAPTER 1 Accounting Concepts and Procedures (5 min) L01 (5 min) L02 Shift versus Increase in Assets 3. Identify which transaction results in a shift in assets (S) and which transaction causes an increase in assets (1). a. Target bought computer equipment on account. b. Macy's bought office equipment for cash. The Balance Sheet 4. From the following, calculate what would be the total of assets on the balance sheet. B. Feese, Capital $40,000 Computer Equipment 20,000 Accounts Payable 6,000 Cash 26.000 (5 min) L03 401 (5 min) L02 The Accounting Equation Expanded 5. From the following, which are subdivisions of owner's equity? a. Smartphone b. J. Penny, Capital c. Accounts Payable d. J. Penny, Withdrawals e. Accounts Receivable f. Advertising Expense g. Taxi Fees Earned h. Microsoft Tablet Identifying Assets 6. Identify which of the following are not assets. a. Sony DVD Player b. Accounts Receivable c. Accounts Payable d. Grooming Fees Earned The Accounting Equation Expanded Which of the following statements are false? (5 min) L03 7. a. b G d. Revenue provides only outward flows of cash.. Revenue is a subdivision of Assets. Revenue provides an inward flow of cash or accounts receivable. Expenses are part of Total Assets.