Multiple Choice Identify the choice that best completes the statement or answers the question 1. Owned resources of a business are referred to as a. assets b. liabilities c. equities d. revenues 2. Clifford Moore is starting his computer programming business and has deposited in initial investment of $15,000 into the business cash account. Identify how the accounting equation will be affected. a. Increase Assets (Cash) and increase Liabilities (Accounts Payable) b. Increase Assets (Cash) and increase Owner's Equity (Clifford Moore, Capital) c. Increase Assets (Accounts Receivable) and decrease Liabilities (Accounts Payable) d. Increase Assets (Cash) and increase Assets (Accounts Receivable) 3. Accounts a. b. c. d. do not reflect money amounts are not used by entities that manufacture products are records of increases and decreases in individual financial statement items are only used by large entities with many transactions