Accounting Equation
Authored by Catherine Raath
Financial Education
8th Grade
Used 3+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
The correct formula for the accounting equation is ...
A = E-L
E=A+L
A = E+L
L=A+E
2.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Assets are ...
Possessions
Business buys with the purpose of selling them
Only costs the business money
Payables
3.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Equity is ...
Payables
Possessions
The owners' share/s
Costs the business money
4.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Liabilities are ...
Receivables
Debt
Possessions
Owners' share/s
5.
MULTIPLE SELECT QUESTION
45 sec • 2 pts
Examples of assets include:
Land and buidlings
Vehicles
Bank
Trading stock
6.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
A = E+L
? = 200 000 + 100 000
Assets' value is ...
250 000
300 000
200 000
400 000
7.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
A = 250 000
E = 150 000
L = ?
What is the liabilities' value?
50 000
150 000
100 000
400 000
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