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WorksheetsAccounting Equation
Total questions: 10
Worksheet time: 5mins
An economic event that has a direct impact on the business.
External events
Internal events
Business transactions
External transactions
Increase of this account will decrease Owner's Equity
Asset Account
Expense Account
Liability Account
Income Account
Assets= Liabilities __ Owner's Equity
+
-
X
/
Accounting equation is very important tool to help in understanding and ______________ business transactions.
measuring
analyzing
creating
accounting
The accounting equation must remain in balance after each ________.
transactions
events
accounts
debit
Liabilities = Assets _____Owner's Equity
+
_
x
/
A separate record used to summarize changes in each assets, liabilities, and owner's equity.
Accountant
Account
Account Title
Count
The financial structures of a business enterprise are made up of assets, liabilities, and owner's equity.
True
False
Maybe
No answer
The business rendered service to customer on account. What is Value Received?
Cash
Accounts Payable
Accounts Receivable
Service Income
The business received cash from customer for the service rendered on account. What is Value Parted With?
Cash
Cancellation of Payables
Cancellation of Receivables
Service Income
