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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is an asset?
💡 Hint: Think about what a business owns.
Question 2
Easy
What are liabilities?
💡 Hint: Consider debts or loans a business may have.
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 are assets?
- Obligations owed to others
- Resources owned by the business
- Owner's claims against assets
💡 Hint: Think about what a company possesses.
Question 2
True or False: Owner's equity can be negative.
- True
- False
💡 Hint: Consider scenarios with large debts.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has total assets of $800,000, total liabilities of $600,000, and retained earnings of $100,000. What is the owner's equity?
💡 Hint: Use your balance sheet equation.
Question 2
If a business has liabilities of $150,000 and owner's equity of $350,000, what are the total assets?
💡 Hint: Remember the balance sheet formula.
Challenge and get performance evaluation