Accounting Equation Quiz
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Questions and Answers

Which of the following statements accurately describes the accounting equation?

  • Assets = Liabilities + Owner's Equity (correct)
  • Assets + Liabilities = Owner's Equity
  • Assets - Liabilities = Owner's Equity
  • Assets = Liabilities - Owner's Equity

    • What is the relationship between Assets, Liabilities, and Owner's Equity in the accounting equation?

  • Liabilities + Assets = Owner's Equity
  • Liabilities - Assets = Owner's Equity
  • Assets - Liabilities = Owner's Equity
  • Assets + Liabilities = Owner's Equity (correct)

    • Which of the following is an example of an asset in the accounting equation?

  • Owner's Equity
  • Accounts Payable
  • Retained Earnings
  • Accounts Receivable (correct)

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