Accounting Equation

Accounting Equation

11th Grade

25 Qs

quiz-placeholder

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Accounting Equation

Accounting Equation

Assessment

Quiz

Social Studies

11th Grade

Hard

Created by

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

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