Fundamental Accounting Equation Quiz
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Questions and Answers

What does the left side of the balance sheet equal to according to the accounting equation?

  • Revenue
  • The right side of the balance sheet (correct)
  • Profit
  • Expenses

    • What does the fundamental accounting equation represent?

  • The relationship between cash flow and profits
  • The relationship between debits and credits
  • The relationship between assets, liabilities, and owner's equity (correct)
  • The relationship between revenue and expenses

    • In the accounting equation, what does 'A' represent?

  • Assets (correct)
  • Expenses
  • Revenues
  • Liabilities

    • What does the accounting formula Assets − Liabilities = (Shareholders' or Owners' Equity) indicate?

    <p>$Owners'$ $equity$ is equal to property (assets) minus debts (liabilities)</p> Signup and view all the answers

    What does 'E' stand for in the accounting equation?

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

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