
Understanding the Accounting Equation
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Easy
Yvonne Royce
Used 3+ times
FREE Resource
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9 questions
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1.
FLASHCARD QUESTION
Front
Accounting Equation
Back
Assets = Liabilities + Equity
2.
FLASHCARD QUESTION
Front
Assets
Back
Resources owned by a business
3.
FLASHCARD QUESTION
Front
Liabilities
Back
Debts or obligations of a business
4.
FLASHCARD QUESTION
Front
Equity
Back
Owner's claim after liabilities
5.
FLASHCARD QUESTION
Front
Assets must equal liabilities
Back
False
6.
FLASHCARD QUESTION
Front
If Assets = 100,000 and Liabilities = 60,000
Back
Equity = $40,000
7.
FLASHCARD QUESTION
Front
Equation Breakdown: A = L + E
Back
A: Assets, L: Liabilities, E: Equity
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