The basic accounting equation is fundamental to an understanding of double entry bookkeeping transactions. Test your knowledge of double entry bookkeeping and accounting with our online basic accounting equation quiz.
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Assets = 1700 Liabilities = ? Capital = 200 Retained Earnings = 500
Assets = 9000 Liabilities = 5000 Capital = ? Retained Earnings = -1000
Assets = 4850 Liabilities = 1250 Capital = 600 Retained Earnings = ?
Assets = 8969 Liabilities = 13738 Capital = 1000 Retained Earnings = ?
Assets = ? Liabilities = 3000 Capital = 20000 Retained Earnings = -6039
Assets = 15838 Liabilities = 2000 Capital = ? Retained Earnings = 3838
Assets = 23777 Liabilities = ? Capital = 9000 Retained Earnings = 9394
Assets = 6753 Liabilities = 3030 Capital = ? Retained Earnings = 2923
Assets = 32771 Liabilities = 39039 Capital = 100 Retained Earnings = ?
Assets = 12976 Liabilities = 3202 Capital = ? Retained Earnings = 8574
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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.