Mastering the Accounting Equation
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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

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