Accounting equation has two sides.
Accounting Equation

Quiz
•
Specialty, Other, Mathematics
•
11th Grade
•
Medium
Roene Gonzaga
Used 155+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Asset is equal to the total liabilities and owner's equity.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets, liabilities and owner's equity are the components of the accounting equation.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets are the resources borrowed by the owner.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the business has liabilities it has obligations.
True
False
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There are three elements that affect the equity account.
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Investments affect the owner's equity account.
True
False
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