The Accounting Equation
Authored by Dhannyaa Rao
Other
10th Grade
Used 1+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Assets, liabilities, and owner's equity are terms that refer to which of the following?
The basic elements of a balance sheet
Types of business transactions
Methods of calculating profit
Forms of business ownership
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation can be stated as:
Assets = Liabilities + Owner's Equity
Assets = Liabilities - Owner's Equity
Assets = Owner's Equity - Liabilities
Assets + Liabilities = Owner's Equity
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The accounting equation can be applied in a simple example as: Assets = Liabilities + Owner's Equity. Which of the following is a correct application of this equation?
If a business has $10,000 in assets and $4,000 in liabilities, owner's equity is $6,000.
If a business has $10,000 in assets and $4,000 in liabilities, owner's equity is $14,000.
If a business has $10,000 in assets and $6,000 in owner's equity, liabilities are $16,000.
If a business has $10,000 in assets and $6,000 in liabilities, owner's equity is $16,000.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an asset according to the worksheet?
A document that records only expenses of the business.
A liability that the business owes to others.
Something owned by the business.
A service provided by the business to its customers.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of Non-Current assets?
To be used in the business for more than 1 year. The value will not change within 1 year.
To be used in the operation of the business within 1 year. The value fluctuates within that 1 year.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of Current assets?
To be used in the business for more than 1 year. The value will not change within 1 year.
To be used in the operation of the business within 1 year. The value fluctuates within that 1 year.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Premise, Furniture, Fixtures, Fittings, Vehicles, Machinery, Goodwill, Investment, and Fixed Deposit are examples of which type of asset?
Non-Current assets
Current assets
Liquid assets
Intangible assets
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