Accounting Equation
Authored by Roxanne Rada
Specialty
11th Grade
Used 939+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An economic event that has a direct impact on the business.
External events
Internal events
Business transactions
External transactions
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Increase of this account will decrease Owner's Equity
Asset Account
Expense Account
Liability Account
Income Account
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets= Liabilities __ Owner's Equity
+
-
X
/
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accounting equation is very important tool to help in understanding and ______________ business transactions.
measuring
analyzing
creating
accounting
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation must remain in balance after each ________.
transactions
events
accounts
debit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liabilities = Assets _____Owner's Equity
+
_
x
/
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A separate record used to summarize changes in each assets, liabilities, and owner's equity.
Accountant
Account
Account Title
Count
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