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Introduction to the Accounting Equation

Quiz by Jerry Guttman

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10 questions
Show answers
  • Q1
    What is an asset?
    Money owed by a company
    The owner's investment a company.
    Something owned or controlled by a company.
    30s
  • Q2
    A company car is classified as a company's ???
    Liability
    Owner's Equity
    Asset
    30s
  • Q3
    Checks from customers, coins, currency, money in the bank are all considered to be a company's cash account. Cash is a(n) ????
    Owner's Equity
    Asset
    Liability
    45s
  • Q4
    Classify the following item as an Asset, Liability, or Owner's Equity: Tools
    Owner's Equity
    Liability
    Asset
    30s
  • Q5
    Debts of a company are classified as ????
    Assets
    Owner's Equity
    Liabilities
    30s
  • Q6
    What is Owner's Equity?
    The owner's loans to a business.
    The Assets + Liabilities = Owner's Equity
    The owner's investment in the business.
    45s
  • Q7
    What is the accounting equation?
    Assets = Liabilties - Owner's Equity
    Assets + Liabilities = Owner's Equity
    Assets = Liabilities + Owner's Equity
    30s
  • Q8
    How does the accounting equation change with the following transaction? Jennifer invested $10,000 to start her new business.
    Assets increase & Owner's Equity decreases
    Assets decrease & Owner's Equity decreases
    Assets increase & Owner's Equity increases
    60s
  • Q9
    How does the accounting equation change with this transaction? Paid off a debt.
    Assets decrease & Liabilities increase
    Assets increase & Liabilities decrease
    Liabilities decrease & Owner's Equity increases
    Assets decrease & Liabilities decrease
    60s
  • Q10
    Paid for a new computer.
    Liabilities increase & Assets decrease
    Assets decrease & Liabilities decrease
    Assets increase & Assets decrease
    60s

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