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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What do you understand by the term 'Assets'?
💡 Hint: Think about what a company owns.
Question 2
Easy
Can you explain what 'Liabilities' are?
💡 Hint: Consider what a company must pay back.
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 is the fundamental accounting equation?
- Assets + Liabilities = Capital
- Assets = Liabilities + Capital
- Liabilities = Assets - Capital
💡 Hint: Remember, assets must balance with debts and owner's equity.
Question 2
True or False: The Going Concern principle assumes a business will close down in the near future.
- True
- False
💡 Hint: Think about what this principle implies for reporting.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has total assets of $500,000, liabilities of $300,000, and capital of $200,000. Using the accounting equation, assess whether the accounts balance.
💡 Hint: Check if $500,000 equals the sum of the other two values!
Question 2
If a business reports income of $100,000 with expenses of $60,000, how does the Matching principle apply to this scenario?
💡 Hint: Think about how income and expenses relate to each other.
Challenge and get performance evaluation