Test your knowledge of bookkeeping with our online assets liabilities equity quiz.

# Accounting Equation

## Quiz 16: Accounting Equation Problems Quiz

## Property and Financial Claims

## The Accounting Equation Table

## Quiz 9: Accounting Equation Exercises

## Quiz 2: Accounting Equation Quiz

## Basic Accounting Equation

Double entry bookkeeping and accounting is based on the Basic Accounting Equation which states that the total assets of a business must equal the total liabilities plus the owners equity in the business.

The basic accounting equation can be expanded by recognizing that the owners equity represents the capital injected into the business together with the retained earnings, effectively providing a link between the balance sheet and the income statement.