Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
Which one of these best describes the accounting equation?
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?
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?
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?
Which one of these best describes liabilities?
Signup and view all the answers
Which one of these best describes accounts receivable?
Which one of these best describes accounts receivable?
Signup and view all the answers
Flashcards are hidden until you start studying
