Accounting Equation

Accounting Equation

11th Grade

13 Qs

quiz-placeholder

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Accounting Equation

Accounting Equation

Assessment

Quiz

Specialty, Other, Mathematics

11th Grade

Medium

Created by

Roene Gonzaga

Used 155+ times

FREE Resource

13 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accounting equation has two sides.

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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