611. Amount, cash, or other assets removed from business by owner is:
A. Capital
B. Drawings
C. Assets
D. None of these

612. Under the diminishing balance method, depreciation amount is:
A. Payment
B. Receipt
C. Expenditure
D. None of these

613. Users of accounting information include:
A. The tax authorities
B. Investors
C. Creditors
D. All of these

614. The business form(s) in which the owner(s) is (are) personally liable is (are) the:
A. Partnership only
B. Proprietorship
C. Corporation only
D. Partnership and proprietorship
E. None of these

615. The investment of personal assets by the owner:
A. Increases total assets and increases owner’s equity
B. Increases total assets only
C. Has no effect on assets but increases owner’s equity
D. Increase assets and liabilities
E. None of these

616. All of the following are forms of organizations except:
A. Proprietorship
B. Corporation
C. Retailer
D. Partnership
E. None of these

617. Economic resources of a business that are expected to be of benefit in the future are referred to as:
A. Liabilities
B. Owner’s equity
C. Withdrawals
D. Assets
E. None of these

618. An owner investment of land into the business would:
A. Decrease withdrawals
B. Increase liabilities
C. Increase owner’s equity
D. Decrease assets
E. None of these

619. A cash purchase of supplies would:
A. Decrease owner’s equity
B. Increase liabilities
C. Have no effect on total assets
D. None of these

620. An owner investment of each into the business would:
A. Increase assets
B. Decrease liabilities
C. Increase withdrawals
D. Decrease owner’s equity
E. None of these

NOTE
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PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
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