Question

O/ Signify "True" or "False" for each of the following items as they pertain to forms of business organization. 1. A sole proprietorship is a separate legal entity from its owners. 2. A sole proprietorship is a separate accounting entity from its owners. 3. A partnership is a separate legal entity from its owners. 4. A partnership is a separate accounting entity from its owners. 5. A corporation is a separate legal entity from its owners. 6. A corporation is a separate accounting entity from its owners. a) False a) False a) False a) False a) False a) False b) True b) True b) True b) True b) True b) True Q/ For each item listed below, signify which part of the accounting equation the item would fall under 1. Cash a) Owner's equity b) Liabilities Assets 2. Accounts receivable a) Owner's equity b) Liabilities c) Assets 3. Office supplies a) Owner's equity b) Liabilities c) Assets 4. Supplies expense a) Owner's equity b) Liabilities c) Assets 5. Equipment a) Owner's equity b) Liabilities c Assets 6. Land a) Owner's equity b) Liabilities c) Assets 7. Accounts payable a) Owner's equityb) Liabilities c) Assets 7. Salaries payable a) Owner's equity b) Liabilities c)Assets

Answer 1

Sr.No.	Answer	Option
1	FALSE	a
2	TRUE	b
3	TRUE	b
4	TRUE	b
5	TRUE	b
6	TRUE	b
Sr.No.	Answer	Option
1	Assets	c
2	Assets	c
3	Assets	c
4	Owner's Equity	a
5	Assets	c
6	Assets	c
7	Liabilities	b
8	Liabilities	b