Accounting equation – Fill in the blanks

Welcome to Play Accounting Fill in the blanks test. We have prepared this quiz to helpout students to get prepared for their exams and interview.

How to take the Accounting Equation Fill in the blanks quiz

You need to enter your answer for each question in the text box given along with that question. After answering all the questions, click the submit button to get the result. If you feel difficult to answer the question, we recommend you to must read through the chapter accounting equations once.

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Take your Accounting equations Fill in the blanks Test below:

Question No. 1In accounting only events are considered.
Question No. 2 is an occurrence, happening change or incident which may or may not bring any change in the financial position of the business.
Question No. 3Accounting equation is: Assets = Liabilities +
Question No. 4The excess of assets over liabilities is .
Question No. 5The obligations of the business to creditors are called .
Question No. 6When an expense is paid, the amounts of two items in the accounting equation are reduced. These are .
Question No. 7An increase in one asset either reduces another asset or increases a .
Question No. 8A decrease in one asset either increases or decreases a liability.
Question No. 9In the accounting equation, the discount received is to the owner's equity.
Question No. 10Assets - Owner's equity =
Question No. 11 = Liabilities + Owner's equity.
Question No. 12Owner's equity/capital is the obligation of the business to its .
Question No. 13A transaction that does not involve an outside party is called .
Question No. 14A system in which business transactions are recorded with dual aspects is known as .
Question No. 15Assets = Equities represent .
Question No. 16 should be expressed in terms of money and should bring change in the financial position of the business.
Question No. 17All the transactions where the word paid is mentioned are called .
Question No. 18 events are not related to money.
Question No. 19According to the double-entry system, every transaction has parts.
Question No. 20 is the basis for the formation of the Accounting Equation.
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