Test your knowledge of bookkeeping and the use of the expanded accounting equation with our online quiz.
Accounting Equation
Last modified May 12th, 2020
Quiz 65: Accounting Transactions
Quiz 59: Accounting Debits and Credits Quiz
Quiz 51: Assets Liabilities Equity Quiz
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.
Last modified October 11th, 2022