Test your knowledge of the accounting equation with our online accounting equation quiz.
There are three types of account that make up the accounting equation, asset, liability, and capital, but do you know the effect of debits and credits on each?
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Click on an answer to reveal whether its Right! or Wrong
1. What entry should you make in an asset account to increase an asset?
Wrong
Right!
2. What entry should you make in a liability account to increase a liability?
Right!
Wrong
3. What entry should you make in the capital account to increase the capital?
Right!
Wrong
4. What entry should you make in an asset account to decrease an asset?
Wrong
Right!
5.What entry should you make in a liability account to decrease a liability?
Wrong
Right!
6. What entry should you make in the capital account to decrease the capital?
Right!
Wrong
Try Another Double Entry Bookkeeping Quiz
The accounting equation 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 40: Product and Period Costs Quiz
- Quiz 10: Bank Reconciliation Test
- Quiz 38: Accounting Basics Quiz
- Quiz 31: Costing – Direct Materials Variance
Quiz 2: Accounting Equation Quiz December 14th, 2016