What is the basic accounting equation?
Basic accounting equation

Quiz
•
Business
•
University
•
Medium
Rumi Kader
Used 294+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Assets + Expenses = Liabilities + Owner's Equity
Assets + Expenses = Liabilities + Owner's Equity
Assets + Liabilities = Owner's Equity
Liabilities + Revenue = Assets
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company's assets increase and its liabilities remain unchanged, how does this affect owner's equity?
Owner's equity increases
Owner's equity decreases
Owner's equity remains unchanged
It depends on the specific assets that increased
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following represents an example of an asset?
Accounts Payable
Equipment
Owner's Drawings
Owner's Capital
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company borrows money from a bank, how does this transaction affect the basic accounting equation?
Assets decrease, liabilities decrease
Assets decrease, owner's equity decreases
Assets increase, liabilities increase
Assets increase, owner's equity decreases
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which financial statement is directly related to the basic accounting equation?
Income Statement
Balance Sheet
Statement of Cash Flows
Statement of Owner's Equity
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following transactions would increase both assets and owner's equity?
Payment of rent expense
Purchase of inventory on credit
Sale of goods for cash
Payment of vehicles on credit
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Which of the following represents an example of a liability?
Bank
Interest expense
Mortgage loan
Debtors control
Create a free account and access millions of resources
Similar Resources on Quizizz
10 questions
Grand Quiz C

Quiz
•
University
10 questions
1. Introduction to Financial Terms and Concepts

Quiz
•
University
10 questions
Topic 1 Basic Accounting Concepts

Quiz
•
University
10 questions
Warming Up (Pengantar Akuntansi)

Quiz
•
University
15 questions
CHAPTER 12 MONEY AND FINANCIAL MANAGEMENT

Quiz
•
University
15 questions
Activity on LM01-CP02

Quiz
•
University
11 questions
Manage Finances (Accounting)

Quiz
•
University
10 questions
Lecture 2 Group A

Quiz
•
University
Popular Resources on Quizizz
15 questions
Multiplication Facts

Quiz
•
4th Grade
20 questions
Math Review - Grade 6

Quiz
•
6th Grade
20 questions
math review

Quiz
•
4th Grade
5 questions
capitalization in sentences

Quiz
•
5th - 8th Grade
10 questions
Juneteenth History and Significance

Interactive video
•
5th - 8th Grade
15 questions
Adding and Subtracting Fractions

Quiz
•
5th Grade
10 questions
R2H Day One Internship Expectation Review Guidelines

Quiz
•
Professional Development
12 questions
Dividing Fractions

Quiz
•
6th Grade