
The Accounting Equation
Quiz
•
Business
•
9th - 12th Grade
•
Medium

Britney James
Used 5+ times
FREE Resource
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12 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
A transaction is any event or activity that can be measured in terms of money.
True
False
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Transactions do not need to be recorded to keep accurate records.
True
False
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Every transaction relates to an account.
True
False
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Debits and credits are a system of notation used to record transactions.
True
False
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Debits are always located on the right and credits are always located on the left of a record sheet.
True
False
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The accounting equation is:
Assets = Liabilities + Equity
Liabilities = Assets + Equity
Equity = Liabilities + Assets
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
An asset is
land
buildings
money
equipment
all of the above
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