Assets, Liabilities & Owner's Equity

Front

What is the accounting equation?

Back

Assets = Liabilities + Owner's Equity

Front

Assets equals $700,000 and its equity is $400,000. What is the amount of liabilities?

Back

$300,000

Front

Total assets equal $500,000. Liabilities and Owner's Equity are equal to each other. How much are each?

Back

$250,000

Front

Assets equal $75,000, Equity is $40,000. How much are liabilities?

Back

$35,000

Front

Which is an example of an asset? Options: Accounts Payable, Owner's Withdrawal, Revenue, Cash

Back

Cash

Front

What is an example of a liability? Options: Accounts Receivable, Accounts Payable, Cash, Owner's Capital

Back

Accounts Payable

Front

What is NOT an example of an equity account? Options: Capital, Withdrawals, Revenues, Accounts Payable

Back

Accounts Payable

Front

Cash is $7,000; Office Equipment $2,000; Accounts Payable is $5,000 and Equity is $4,000. What should each side of the accounting equation equal?

Back

$9,000

Front

What type of account is Land? Options: Asset, Liability, Equity, Capital

Back

Asset

Front

What type of account is Revenue? Options: Asset, Liability, Equity, Expenses

Back

Equity