Accounting equation

Accounting equation

University

10 Qs

quiz-placeholder

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Accounting equation

Accounting equation

Assessment

Quiz

Business

University

Medium

Created by

Jack Jack

Used 17+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Are you ready?

Yes

No

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following equation best represent the accounting equation?

A=OE-L

A=L-OE

A=OE+L

OE= A+L

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Capital is classified as a (an)

Asset

Owners equity

Liability

Expense

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

An owner took stock for personal use.

Identify the two accounts affected

1. Bank

2. Drawings

1.Drawings

2.Capital

1.Inventory

2.Capital

1.Drawings

2.Inventory

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assets increase on the credit side

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Liabilities decrease on the debit side

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Loan is best classified as a (an)

Asset

Long term

Liability

Expense

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