accounting equation quiz

Quiz 2: Accounting Equation Quiz

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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If you need a refresher course on this topic you can view our accounting equation tutorials here.

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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.

Last modified October 1st, 2019 by Michael Brown

About the Author

Chartered accountant Michael Brown is the founder and CEO of Double Entry Bookkeeping. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

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Posted By: Michael Brown
Accounting Equation