Quick View Name: First Page) Name: Date: (Subsequent Pages) 1. The accounting equation can be expressed as Assets-Liabilities Owners Equity 2. The rights or claims to the assets of a business may be subdivided into rights of creditors and rights of owners. 3. If total assets increased by $190,000 during a specific period and liabilities decreased by $10,000 during the same period, the pe change in total owner's equity was a $200,000 increase & True b.Fase Paying an account payable increases iabilities and docreases assets a True Ob. False Journalizing is the process of entering amounts in the ledger 6. An adjusting eatry woul'd adjust revenue so it is reported when earned and not when cash is received. ourmaling mnd posting eloting cntics mut o compieted betfore finanofal soate mrentso prpared. sasual presentation of the retained carmings statement is (l) beginning retained earnings, (2) net income or los, (3) div ing retained carnings &True b. Faise