Question 1 (1 point)

The accounting equation says that everything must balance and equal out to show that we have recognized events correctly.

Question 1 options:

	a) True
	b) False

Question 2 (1 point)

Expenses will always have the term expense at the end of the account name

Question 2 options:

	a) True
	b) False

Question 3 (1 point)

The balance sheet is a record of the assets, liabilities, and owners equity of a company as of a point in time.

Question 3 options:

	a) True
	b) False

Question 4 (1 point)

The financial statements show the company's operations and results in financial terms.

Question 4 options:

	a) True
	b) False

Question 5 (1 point)

The statement of stockholders' equity explains changes in equity from net income (or loss) and from owner investment and withdrawals over a defined period of time.

Question 5 options:

	a) True
	b) False

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