Mastering the Accounting Equation
5 Questions
2 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which one of these best describes the accounting equation?

  • Assets = Equity - Liability
  • Assets = Liability + Equity (correct)
  • Liability = Assets + Equity
  • Equity = Assets + Liability

    • Which one of these is an example of an asset account?

  • Short-term loans
  • Equipment (correct)
  • Accounts receivable
  • Accounts payable

    • Which one of these best describes equity?

  • The owner's value in the company (correct)
  • What the company owes to others
  • Funds that customers owe your company
  • The company's financial position at any time

    • Which one of these best describes liabilities?

    <p>What the company owes to others</p> Signup and view all the answers

    Which one of these best describes accounts receivable?

    <p>Funds that customers owe your company</p> Signup and view all the answers

    More Like This

    Accounting Basics Quiz
    3 questions

    Accounting Basics Quiz

    FasterEducation avatar
    FasterEducation
    Accounting Equation: Assets, Liabilities, and Owner's Equity
    24 questions

    Accounting Equation: Assets, Liabilities, and Owner's Equity

    ImprovingSugilite7202 avatar
    ImprovingSugilite7202
    Accounting: The ALOE Equation Quiz
    8 questions

    Accounting: The ALOE Equation Quiz

    WorthSpruce672 avatar
    WorthSpruce672
    Accounting Basics Quiz
    5 questions

    Accounting Basics Quiz

    DashingMothman avatar
    DashingMothman
    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser