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Assets, Liabilities & Owner's Equity

Authored by Shannon Quible

Other

11th - 12th Grade

Used 452+ times

Assets, Liabilities & Owner's Equity
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10 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the accounting equation?

Assets - Liabilities = Owner's Equity
Assets = Liabilities + Owner's Equity
Assets + Liabilities = Owner's Equity
Assets - Expenses = Liabilities

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

$300,000
$1,100,000
-$300,000
-$1,100,000

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

$500,000
$1,000,000
$250,000
$1,500,000

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

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

$35,000
$115,000
$75,000
$40,000

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which is an example of an asset?

Accounts Payable
Owner's Withdrawal
Revenue
Cash

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an example of a liability?

Accounts Receivable
Accounts Payable
Cash
Owner's Capital

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is NOT an example of an equity account?

Capital
Withdrawals
Revenues
Accounts Payable

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