Question 1 The balance sheet equation can be expressed as: Assets = Liabilities + Owners' equity Assets - Liabilities = Owners' equity Assets - Ownership equity = Liabilities All of the above 10 points Question 2 A five-year depreciable asset cost $10,000 and had a residual value of $0. What is the balance of its accumulated depreciation account at the end of two years using straight-line depreciation? $6,000 $4,000 $5,400 $3,600 10 points Question 3 The normal balance of each of the five basic categories of balance sheet and income statement accounts are either debit or credit balanced. Which of the following is not correct? Ownership equity: A debit balanced account Liability: A credit balanced account Expense: A debit balanced account Asset: Debit balanced account 10 points Question 4 A direct expense is: controllable by the accountant employed by the business deducted from a department's contributory income the responsibility of, and controllable by, a department head allocated to a department without a supporting invoice