Practice - Components
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Practice Questions
Test your understanding with targeted questions
What is an asset?
💡 Hint: Think about what a business owns.
What are liabilities?
💡 Hint: Consider debts or loans a business may have.
4 more questions available
Interactive Quizzes
Quick quizzes to reinforce your learning
What are assets?
💡 Hint: Think about what a company possesses.
True or False: Owner's equity can be negative.
💡 Hint: Consider scenarios with large debts.
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Challenge Problems
Push your limits with advanced challenges
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.
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.
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Reference links
Supplementary resources to enhance your learning experience.