The accounting equation tells us that the assets of a business are equal to the liabilities plus the owners equity in the business. In any transaction the accounting equation must balance, and it is important to be able to identify whether a transaction affects the assets, liabilities or the equity of a business.
Test your knowledge of double entry bookkeeping and accounting with our online quiz.
Not Ready for the Assets Liabilities Equity Quiz?
If you need a refresher course on this topic update your knowledge using our tutorials on the accounting equation.
Start the Assets Liabilities Equity Quiz
For each question identify which category (assets, liabilities or equity) does not form part of the accounting equation for the transaction shown. Click on an answer to reveal whether its Right! or Wrong.
Try Another Double Entry Bookkeeping Quiz
This accounting 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 22: Debits and Credits in Accounting Quiz
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- Quiz 49: Accounting Adjusting Entries Quiz