1 (Copy of a cheque is a source document. Question 1 options: True False Question 2 (1 point) Saved Identify the event that would qualify as a business transaction. Question 2 options: The business hired two employees. The business sold equipment for cash. The business signed a contract to rent a building for use as new office space. Both A and C are business transactions. Question 3 (1 point) Saved A memo announcing a new product is a source document. Question 3 options: True False Question 4 (1 point) Saved Which of the following transactions would affect liabilities? Question 4 options: The owner invested an additional $15,000 in the business. A cheque was sent to pay the company's phone bill. The owner withdrew $2,000 from the business for personal use. Office supplies were purchased on credit. Question 5 (1 point) Saved If a business performs a service and is to be paid later, assets will Question 5 options: increase. decrease. not change. Question 6 (1 point) Saved When analyzing changes caused by a transaction, one of the steps is Question 6 options: to make certain that Owner's Equity remains unchanged. to make sure the accounting equation is in balance. to flow any negative balances through Owner's Equity. to always have net changes in cash account. Question 7 (1 point) Saved Which of the following is not a source document? Question 7 options: a telephone bill. a press release to the newspaper. a credit card statement. a cash register tape. Question 8 (1 point) Saved The purchase of office equipment for cash affects both assets and liabilities. Question 8 options: True False Question 9 (1 point) Saved Which of the following activities are part of accounting? Question 9 options: Preparing and collecting permanent records. Establishing controls to promote accuracy and honesty among employees. Rearranging, summarizing, and classifying. All of the above. Question 10 (1 point) Saved If equipment is returned for a cash refund, total assets will Question 10 options: decrease. increase not change