Which of the following is the expanded accounting equation?
3N1 WA1: POA Topic 4a Double-Entry Recording

Quiz
•
Mathematics
•
11th - 12th Grade
•
Hard
Lynn Han
Used 3+ times
FREE Resource
5 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Liabilities = Assets - Equity
Assets = Liabilities + (Capital + Income - Expense + Drawings)
Assets = Liabilities + (Capital + Income + Expense - Drawings)
Assets = Liabilities + (Capital + Income - Expense - Drawings)
2.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Select the two accounts and amounts reflecting the effects of the following transaction:
Owner took goods worth $100 from the business for personal use.
Drawings
- $100
Drawings
+ $100
Inventory
- $100
Inventory
+ $100
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The following balances were extracted from the business' books:
Cash in hand $500
Trade receivables $1,200
Trade payables $700
Office equipment $6,600
Inventory $2,000
Bank overdraft $1,600
Equity $?
Calculate the equity of the business.
$7,000
$8,000
$9,400
$12,600
4.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Every business transaction will affect at least ________ accounts
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
One of the double-entry recording rules: The total amount debited must ________ the total amount credited
equal
be more than
be less than
minus
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