Accounting Equation and Revenue-Expense Relationship Quiz
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Questions and Answers

What does the basic accounting equation express?

  • The relationship between assets and revenue
  • The relationship between expenses and owners equity
  • The relationship between revenue and expenses
  • The relationship between assets, liabilities, and equity (correct)

    • In the expanded accounting equation, what is owners equity equal to?

  • Liabilities
  • Revenues (correct)
  • Expenses
  • Assets

    • What is considered in the expanded accounting equation?

  • Liabilities and equity
  • Revenue and expenses (correct)
  • Assets and expenses
  • Revenue and liabilities

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