Accounting Equation

Accounting Equation

University

35 Qs

quiz-placeholder

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Accounting Equation

Accounting Equation

Assessment

Quiz

Business

University

Medium

Created by

Hud Uum

Used 18+ times

FREE Resource

35 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

30 sec • 2 pts

What is the basic accounting equation?

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_______ is a financial statement that reports a business's assets, liabilities, and capital on a specific date

Balance Sheet

Statement of Cash Flow

Income Statement

None of the Above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital (owner's equity) is the value of the owners' investment in the business after subtracting liabilities from assets.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a liability

Inventory

Car loan

Mortgage

Credit card balance

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do you find liabilities?

Assets + Owner's Equity

Liabilities - Assets

Assets - Capital (Owner's Equity)

None of the Above

6.

OPEN ENDED QUESTION

30 sec • 2 pts

Define the term Owner's Equity

Evaluate responses using AI:

OFF

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

 

Which correctly shows a list of assets and liabilities?

Assets: mortgage, car loan, land

Liabilities: retirement savings, cash, credit card loans

Assets: building, cash in hand, accounts receivable

Liabilities: loans, accounts payable, mortgage

Assets: creditors, prepaid expenses, loans

Liabilities: stocks, accounts receivable, car

None of the above

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