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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the basic accounting equation?
💡 Hint: Think about the three components of a balance sheet.
Question 2
Easy
Name one example of an asset.
💡 Hint: Consider what a business owns.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the accounting equation express?
- A = L + OE
- A = O + L
- A + L = OE
💡 Hint: Remember, it includes both liabilities and owner's equity.
Question 2
Is owner's equity an asset?
- True
- False
💡 Hint: Think about what comprises total assets.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company reports total assets of $200,000 and liabilities of $80,000. Later it receives a loan of $30,000. What is the new owner’s equity?
💡 Hint: Remember to adjust assets and liabilities according to the loan.
Question 2
If a business has a total equity of $150,000 but had $50,000 in liabilities, what were the total assets?
💡 Hint: Consider how liabilities and equity contribute to total assets.
Challenge and get performance evaluation