Accounting Equation Fundamentals Quiz

To determine the market value of a business

To demonstrate how transactions affect the financial statements (correct)

To calculate the total revenue of a business

To calculate the net profit of a business

The total equity of a company

The residual interest in the assets after deducting all liabilities (correct)

The amount of cash available in a business

Total assets minus total liabilities

The accumulated retained profits or losses of a business

The total assets of a business

The total liabilities of a business

The residual interest in the assets of a limited liability company (correct)

<p>Capital</p> Signup and view all the answers

<p>The relationship between assets, liabilities, and capital</p> Signup and view all the answers

<p>Accumulated retained profits or losses</p> Signup and view all the answers