Accounting Equation

Accounting Equation

8th Grade

10 Qs

quiz-placeholder

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Accounting Equation

Accounting Equation

Assessment

Quiz

Financial Education

8th Grade

Practice Problem

Medium

Created by

Catherine Raath

Used 3+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

The correct formula for the accounting equation is ...

A = E-L

E=A+L

A = E+L

L=A+E

2.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Assets are ...

Possessions

Business buys with the purpose of selling them

Only costs the business money

Payables

3.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Equity is ...

Payables

Possessions

The owners' share/s

Costs the business money

4.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

Liabilities are ...

Receivables

Debt

Possessions

Owners' share/s

5.

MULTIPLE SELECT QUESTION

45 sec • 2 pts

Examples of assets include:

Land and buidlings

Vehicles

Bank

Trading stock

6.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

A = E+L

? = 200 000 + 100 000

Assets' value is ...

250 000

300 000

200 000

400 000

7.

MULTIPLE CHOICE QUESTION

45 sec • 2 pts

A = 250 000

E = 150 000

L = ?

What is the liabilities' value?

50 000

150 000

100 000

400 000

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