Quiz 16: Accounting Equation Problems Quiz

Test your knowledge of the accounting equation with our online accounting equation problems quiz. There are three types of account that make up the accounting equation list, asset, liability, and capital, but do you know the effect of debits and credits on each?

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1. Using the accounting equation, if assets increase by 5,000 and liabilities decrease by 5,000 what is the change in owners equity?
Wrong
Right!
2. Using the accounting equation, if owners equity increases by 10,000 and liabilities decrease by 20,000, what do assets change by?
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3. Using the accounting equation, if assets increase by 5,000 and liabilities decrease by 5,000, what is the effect on owners equity.
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Wrong

 

4. Using the accounting equation, if liabilities increase by 8,000 and equity increases by 7,000, what is the effect on assets?
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Right!
5. Using the accounting equation, if assets and liabilities both decrease by 4,000 what is the effect on owners equity?
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6. Using the accounting equation, if liabilities increase by 6,000 and equity reduces by 10,000, what is the change in assets?
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Try Another Double Entry Bookkeeping Quiz

The accounting equation problems quiz is one of many of our online quizzes which can be used to test your knowledge of double entry bookkeeping, discover another at the links below.

Quiz 16: Accounting Equation Problems Quiz December 14th, 2016Team

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