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Each accounting operation/business transaction has to: 1. be valued in 2. documented 3. affect or/and or/and Exercise 2 A company had total assets of $340,000 and total shareholders' equity of $130,00 at the beginning of the year. During the year assets increased by $70,000 and liabilities increased by $25,000. Shareholders' equity at the end of the year is: a) $95,000 b) $175,000 c) $200,000 d) $155,000 Exercise 3 How would net income most likely affect the accounting equation? a) increase assets and increase liabilities b) decrease assets and decrease liabilities c) increase liabilities and decrease liabilities d) increase assets and increase shareholders' equity Exercise 4 The accounting equation can be expressed as: a) assets = liabilities - equity b) assets + liabilities = equity c) assets - liabilities = equity d) equity - liabilities = assets