Take a quick Multiple Choice Questions (MCQs) test about Accounting Equation. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start the accounting equation MCQs quiz.
If you find difficulty in answering these questions, read the ‘Accounting Equation‘ chapter thoroughly from the explanation section of the website.
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Question 1 of 13
1. Question
Resources minus capital equals:
Correct
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Your answer is incorrect. The correct answer is “liabilities” (option 2). -
Question 2 of 13
2. Question
Assets are always equal to:
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Your answer is incorrect. The correct answer is “liabilities + capital” (option 3). -
Question 3 of 13
3. Question
Purchase of machinery for cash:
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Your answer is incorrect. The correct answer is “keeps total assets unchanged” (option 3). -
Question 4 of 13
4. Question
The excess of assets over liabilities is:
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Your answer is incorrect. The correct answer is “capital” (option 1). -
Question 5 of 13
5. Question
Expenses paid by a business decrease:
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Your answer is incorrect. The correct answer is “cash and capital” (option 3). -
Question 6 of 13
6. Question
A person who owes money to a business is known as:
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Question 7 of 13
7. Question
Merchandise costing $1,000 are sold for $1,250. It will increase owner’s equity by:
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Question 8 of 13
8. Question
Cash is received from Mr A (a debtor of the business). It will affect:
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Question 9 of 13
9. Question
Capital + Liabilities – Assets = ?
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Question 10 of 13
10. Question
Cash discount is provided on:
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Question 11 of 13
11. Question
Cash brought by the owner to start the business is called:
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Your answer is incorrect. The correct answer is “capital” (option 4). -
Question 12 of 13
12. Question
Closing stock and sundry debtors are examples of:
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Question 13 of 13
13. Question
If total assets increase by $20,000 and total liabilities increase by $12,000 during a period, the capital will:
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Your answer is incorrect. The correct answer is “increase by $8,000” (option 2).
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Hi Steven,
please check out these links:
https://www.playaccounting.com/quizzes/fill-in-the-blank/tb-fib/
https://www.playaccounting.com/quizzes/mcqs/tb-mcqs/
https://www.playaccounting.com/q-a/tb-qa/