1. The accounting equation can be expressed as ..... - a. Assets + Liabilities Shareholders' Equity b. Assets Liabilities Shareholders' Equity c. Shareholders' Equity - Assets Liabilities d. Assets Liabilities - Shareholders' Equity 2. Another name for the balance sheet is the..... a. statement to financial position. c. statement of cash ows. b. statement of operations. d. statement of retained earnings. 3.Which account types normally have a credit balance? a. Revenues b. Expenses c. Liabilities d. Both a and c 4. r@ktas company paid $ 7,000 cash to the supplier. As a result of this transaction, a. assets would increase by $7,000 c. expense would increase by 7,000 b. revenue would increase by 7,000 d. liabilities would decrease by $ 7,000 5. Which of the following financial statement elements is found on balance sheet? a. Sales revenue b. Rent expense c. Retained earnings d. Foreign exchange loss