Accounting equation
Presentation
•
Other
•
10th - 12th Grade
•
Practice Problem
•
Hard
Ishra Zainab
Used 12+ times
FREE Resource
1 Slide • 30 Questions
1
Accounting equation
2
Multiple Choice
Which one from the list below doesn't represent the Accounting equation?
Assets = Equity + Liabilities
Assets - Liabilities = Equity
Assets - Equity = Liabilities
Equity = Assets+ Liabilities
3
Multiple Choice
Introduction of capital Rs.200 000 by the owner.
Assets = Liabilities + Equity
+ 200 000 = 0 + 200 000
Assets = Liabilities + Equity
+200 000 = 200 000 + 0
Assets = Liabilities + Equity
+ 200 000 = +100 000 + 100 000
Assets = Liabilities + Equity
0 = 200 000 + 200 000
4
Multiple Choice
Cash sales Rs 40 000
Assets = Liabilities + Equity
+ 40 000 = 0 + 40 000
Assets = Liabilities + Equity
+ 40 000 = 0 + 40 000
Assets = Liabilities + Equity
+ 40 000 = 0 + 40 000
Assets = Liabilities + Equity
+ 40 000 = 0 + 40 000
5
Multiple Choice
Cash purchases Rs 15 000
Assets = Liabilities + Equity
-15 000 = 0 + 15 000
Assets = Liabilities + Equity
-15 000 = 0 - 15 000
Assets = Liabilities + Equity
+ 15 000 = 0 - 15 000
Assets = Liabilities + Equity
+ 15 000 = 0 + 15 000
6
Multiple Choice
Obtaining a bank loan Rs 150 000
Assets = Liabilities + Equity
+ 150 000 = 0 + 150 000
Assets = Liabilities + Equity
+ 150 000 = +150 000 + 0
Assets = Liabilities + Equity
+ 150 000 = 0 + 150 000
Assets = Liabilities + Equity
- 200 000 = 0 - 200 000
7
Multiple Choice
Sold goods costing Rs 100 000 at Rs 125 000.
Assets = Liabilities + Equity
100 000 = 0 + 100 000
Assets = Liabilities + Equity
+125 000 = 0 + 125 000
Assets = Liabilities + Equity
+125 000
-100 000 = 0+25 000
Assets = Liabilities + Equity
100 000 = 0 + 125 000
8
Multiple Choice
Paid salaries Rs 10 000
Assets = Liabilities + Equity
+ 10 000 = 0 - 10 000
Assets = Liabilities + Equity
- 10 000 = 0 -10 000
Assets = Liabilities + Equity
- 10 000 = -10 000 + 0
Assets = Liabilities + Equity
+10 000 = 0 + 10 000
9
Multiple Choice
Received Rs 80 000 from debtors.
Assets = Liabilities + Equity
+80 000
-80 000 = 0 + 0
Assets = Liabilities + Equity
- 80 000 = 0 - 80 000
Assets = Liabilities + Equity
- 200 000 = 0 - 200 000
Assets = Liabilities + Equity
- 200 000 = 0 - 200 000
10
Multiple Choice
Rent paid Rs 6000
Assets = Liabilities + Equity
-6000 = 0 - 6000
Assets = Liabilities + Equity
0 = -6 000 - 6 000
Assets = Liabilities + Equity
- 6000 = 0 + 6000
Assets = Liabilities + Equity
+ 6000
-6 000= 0 + 0
11
Multiple Choice
Purchase of inventory worth Rs 100 000 and paid only Rs 80 000
Assets = Liabilities + Equity
+ 100 000 = 0 + 100 000
Assets = Liabilities + Equity
+ 100 000
-80 000 = 20 000 + 0
Assets = Liabilities + Equity
+ 100 000 = 100 000 + 0
Assets = Liabilities + Equity
+ 100 000 = 80 000 + 20 000
12
Multiple Choice
Invested in fixed deposit Rs 100 000
Assets = Liabilities + Equity
+ 100 000 = 0 + 100 000
Assets = Liabilities + Equity
-100 000 = +100 000 + 0
Assets = Liabilities + Equity
- 100 000
+ 100 000 = 0 + 0
Assets = Liabilities + Equity
0 = 100 000 - 100 000
13
Multiple Choice
Cash sales 30 000 (costing 20 000)
Assets = Liabilities + Equity
+ 30 000 = 0 + 30 000
Assets = Liabilities + Equity
+ 30 000
-20 000 = 10 000 + 0
Assets = Liabilities + Equity
+ 30 000
-20 000 = 0 + 10 000
Assets = Liabilities + Equity
+ 20 000 = 0 + 20 000
14
Multiple Choice
Received rent income Rs 2000
Assets = Liabilities + Equity
2 000 = 2 000 + 0
Assets = Liabilities + Equity
+2 000 = 0 + 2 000
Assets = Liabilities + Equity
(2 000) = (2 000) + 0
Assets = Liabilities + Equity
(2000) = 0 + (2000)
15
Multiple Choice
Commission paid Rs 1000
Assets = Liabilities + Equity
+ 1000 = 1 000 + 0
Assets = Liabilities + Equity
+1 000 = 0 + 1 000
Assets = Liabilities + Equity
(1 000) = 0 + (1 000)
Assets = Liabilities + Equity
(1 000) = (1 000) + 0
16
Multiple Choice
Paid Rs 20 000 to creditors.
Assets = Liabilities + Equity
+20 000 = 20 000 + 0
Assets = Liabilities + Equity
(20 000) = (20 000) + 0
Assets = Liabilities + Equity0
+20 000 = 0 + 2 000
Assets = Liabilities + Equity
+ 30 000
+20 000 = 10 000 + 0
17
Multiple Choice
I. Owner invested additional capital worth Rs120 000.
Assets = Liabilities + Equity
120 000 = 120 000 + 0
Assets = Liabilities + Equity
120 000= 0 + 120 000
Assets = Liabilities + Equity
120 000
(120 000) = 0 + 0
Assets = Liabilities + Equity
(120 000) = 0 + (120 000)
18
Multiple Choice
Cash purchases Rs30 000.
Assets = Liabilities + Equity
(30 000) = 0 + (30 000)
Assets = Liabilities + Equity
30 000
(30 000) = 0 + 0
Assets = Liabilities + Equity
30 000 = 0 + 30 000
Assets = Liabilities + Equity
30 000 = 30 000 + 0
19
Multiple Choice
Received Rs10 000 from debtors.
Assets = Liabilities + Equity
(120 000) = 0 + (120 000)
Assets = Liabilities + Equity
10 000 = 0 + (10 000)
Assets = Liabilities + Equity
(10 000) = 0 + 10 000
Assets = Liabilities + Equity
(10 000)
10 000= 0 + 0
20
Multiple Choice
Paid Rs20 000 to creditors.
Assets = Liabilities + Equity
(20 000) = 0 + (20 000)
Assets = Liabilities + Equity
(20 000) = (20 000) + 0
Assets = Liabilities + Equity
20 000 = 20 000 + 0
Assets = Liabilities + Equity
20 000 = 0 + 20 000
21
Multiple Choice
Purchased machinery worth Rs20 000
Assets = Liabilities + Equity
20 000
(20 000)= 0 + 0
Assets = Liabilities + Equity
20 000 = 20 000 + 0
Assets = Liabilities + Equity
20 000 = (20 000) + 0
Assets = Liabilities + Equity
20 000 = 0 + 20 000
22
Multiple Choice
Owner invested Rs.200 000 as additional capital.
Assets = Liabilities + Equity
20 000 = (200 000) + 0
Assets = Liabilities + Equity
200 000 = 0 + 200 000
Assets = Liabilities + Equity
200 000 = 200 000 + 0
Assets = Liabilities + Equity
(200 000) = 0 + (200 000)
23
Multiple Choice
Paid rs.20 000 bank installment including Rs.2000 as the interest.
Assets = Liabilities + Equity
(20 000) = (18 000) + (2000)
Assets = Liabilities + Equity
(20 000) = (20 000) + 0
Assets = Liabilities + Equity
(2000) = 0 + (2000)
Assets = Liabilities + Equity
(18 000) = (20 000) + 0
24
Multiple Choice
Purchased goods at Rs.100 000 on credit basis.
Assets = Liabilities + Equity
100 000 = 0 + 100 000
Assets = Liabilities + Equity
100 000 = 100 000 + 0
Assets = Liabilities + Equity
100 000
(100 000) = 0 + 0
Assets = Liabilities + Equity
(100 000) = (100 000) + 0
25
Multiple Choice
Paid Rs50 000 to creditors.
Assets = Liabilities + Equity
(50 000) = 0 + (50 000)
Assets = Liabilities + Equity
(50 000) = (50 000) + 0
Assets = Liabilities + Equity
50 000 = 50 000 + 0
Assets = Liabilities + Equity
50 000 = 0 + 50 000
26
Multiple Choice
The owner gave Rs.200 000 worth of his private motor bicycle to the business.
Assets = Liabilities + Equity
200 000 = 200 000 + 0
Assets = Liabilities + Equity
(200 000) = 200 000 + 0
Assets = Liabilities + Equity
200 000 =0 + 200 000
Assets = Liabilities + Equity
(200 000) = 0+ (200 000)
27
Multiple Choice
Sold goods which cost Rs.100 000 at Rs.150 000 on credit basis.
Assets = Liabilities + Equity
100 000 = 0+ 100 000
Assets = Liabilities + Equity
(100 000)
150 000= 0+ 50 000
Assets = Liabilities + Equity
(150 000) = 0+ (150 000)
Assets = Liabilities + Equity
(150 000)
150 000 = 0+ 50 000)
28
Multiple Choice
Paid Rs.10 000 for insurance.
Assets = Liabilities + Equity
(10 000) = 0+ (10 000)
Assets = Liabilities + Equity
(10 000) = 0+ 10 000
Assets = Liabilities + Equity
(10 000) = (10 000) + 0
Assets = Liabilities + Equity
10 000 = 0+ 10 000
29
Multiple Choice
Received Rs.70 000 from debtors.
Assets = Liabilities + Equity
(70 000) = 0+ (70 000)
Assets = Liabilities + Equity
(70 000) = (70 000) + 0
Assets = Liabilities + Equity
70 000
(70 000) = 0 + 0
Assets = Liabilities + Equity
70 000 = 0+ 70 000
30
Multiple Choice
Paid Rs.5000 from business for the electricity bill of the owner's house.
Assets = Liabilities + Equity
(5 000) = 0+ (5 000)
Assets = Liabilities + Equity
5 000 = 0+ 5 000
Assets = Liabilities + Equity
5 000 = 5000 + 0
Assets = Liabilities + Equity
5 000
(5 000) = 0+ 0
31
Multiple Choice
Received sales commission income of Rs.10 000
Assets = Liabilities + Equity
(10 000) = (10 000) + 0
Assets = Liabilities + Equity
(10 000) = 0+ (10 000)
Assets = Liabilities + Equity
10 000
(10 000) = 0+ 0
Assets = Liabilities + Equity
10 000= 0+ 10 000
Accounting equation
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