Accounting Equation

Find the missing amount:

Assets = 800

Liabilities = -200

Owner Equity =

• 600

• 1000

• 100

• 500

The money value of a property or of an interest in property in excess of any claims or liens (as mortgage indebtedness)

• Equity

• Depreciation

• Income

• Revenue

Liquidity is stated as how quickly an asset can be turned into cash

• True

• False

Find the missing amount:

Assets =

Liabilities = -10

Owner Equity = 90

If Buddy the Elf borrows money, which two columns is it listed under?

• Assets and Liabilities

• Assets and Equity

• Capital and Liabilities

• Assets

What a company owns is referred to Owners

The Balance sheet must "always" balance

• True

• False

Find the missing amount:

Assets = 100

Liabilities =

Owner Equity = 200

any "Payable" Account is

Find the missing amount:

Assets = 1500

Liabilities = 1000

Owner Equity =