Accounting Equation

Quiz
•
Social Studies
•
11th Grade
•
Hard
John Robinson
FREE Resource
25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Assets = Liabilities + Owner's Equity
Assets - ?
Liabilities- 25,000
Owner's Equity- 100,000
$125,000
$25,000
$100,000
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the basic accounting equation?
Assets = Liabilities + Owner's Equity
Assets = Liabilities - Owner's Equity
Assets = Liabilities * Owner's Equity
Assets = Liabilities / Owner's Equity
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If a company's assets are $150,000 and liabilities are $50,000, what is the owner's equity?
$100,000
$200,000
$50,000
$150,000
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following represents the owner's claim in the accounting equation?
Owner's Equity
Liabilities
Assets
Revenue
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the accounting equation, if liabilities increase by $10,000, what happens to assets if owner's equity remains unchanged?
Assets increase by $10,000
Assets decrease by $10,000
Assets remain unchanged
Assets decrease by $5,000
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If a business has assets of $200,000 and owner's equity of $120,000, what are the liabilities?
$80,000
$120,000
$200,000
$320,000
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which component of the accounting equation represents what the business owes to others?
Liabilities
Assets
Owner's Equity
Revenue
Create a free account and access millions of resources
Similar Resources on Wayground
25 questions
WRITTEN WORKS #1

Quiz
•
11th Grade
22 questions
Macroeconomic Indicators

Quiz
•
10th - 12th Grade
20 questions
Econ_Weekly Quizizz_ Business Structures

Quiz
•
12th Grade
20 questions
Accounting and Financial Statements Quiz

Quiz
•
12th Grade
25 questions
Business Essentials

Quiz
•
12th Grade - University
20 questions
Economics Chapter 7 "Sole Proprietorship & Partnership

Quiz
•
12th Grade
20 questions
Ch19. Business finance: needs and sources

Quiz
•
11th Grade
20 questions
Budgeting & Taxes Review

Quiz
•
12th Grade
Popular Resources on Wayground
11 questions
Hallway & Bathroom Expectations

Quiz
•
6th - 8th Grade
20 questions
PBIS-HGMS

Quiz
•
6th - 8th Grade
10 questions
"LAST STOP ON MARKET STREET" Vocabulary Quiz

Quiz
•
3rd Grade
19 questions
Fractions to Decimals and Decimals to Fractions

Quiz
•
6th Grade
16 questions
Logic and Venn Diagrams

Quiz
•
12th Grade
15 questions
Compare and Order Decimals

Quiz
•
4th - 5th Grade
20 questions
Simplifying Fractions

Quiz
•
6th Grade
20 questions
Multiplication facts 1-12

Quiz
•
2nd - 3rd Grade