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WorksheetsAccounting equation
Total questions: 10
Worksheet time: 6mins
Name
Class
Date
1.
Are you ready?
a)
Yes
b)
No
2.
Which of the following equation best represent the accounting equation?
a)
A=OE-L
b)
A=L-OE
c)
A=OE+L
d)
OE= A+L
3.
Capital is classified as a (an)
a)
Asset
b)
Owners equity
c)
Liability
d)
Expense
4.
An owner took stock for personal use.
Identify the two accounts affected
a)
1. Bank
2. Drawings
b)
1.Drawings
2.Capital
c)
1.Inventory
2.Capital
d)
1.Drawings
2.Inventory
5.
Assets increase on the credit side
a)
True
b)
False
6.
Liabilities decrease on the debit side
a)
True
b)
False
7.
Loan is best classified as a (an)
a)
Asset
b)
Long term
c)
Liability
d)
Expense
8.
Interest on loan is best classified as a (an)
a)
Liability
b)
Owners equity
c)
Expense
d)
Assets
9.
Which of the following is a current asset
a)
Vehicles
b)
Bank
c)
Land and Buildings
d)
Inventory
10.
Do you want more of these quiz games in future for revision?
a)
Yes
b)
No
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