Quiz Game: Accounting Equation

Test your knowledge of the accounting equation with our free beginner’s quiz. This engaging 15-question quiz covers key concepts like assets, liabilities, and equity.

Perfect for students and those new to accounting, this quiz will help you strengthen your understanding of the fundamentals. Take the quiz now and see how well you know the basics!

How to Play

  • You will have 10 minutes to answer 15 multiple-choice questions related to accounting equation concepts.
  • Each question has four options; select the one you believe is correct.
  • You can navigate between questions using the “Previous” and “Next” buttons.
  • After answering all the questions, click the “See Results” button to see your answers.
  • Your score will be calculated based on the number of correct answers. To pass, you need to score at least 50%.

Rules

  1. You have 10 minutes to complete the quiz.
  2. Each correct answer awards you 2 points, making the total possible score 30.
  3. A passing score requires at least 15 correct answers (50%).
  4. You can move back and forth between questions before submitting.
  5. Once you click “Answer,” you cannot change your answers.
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"Accounting Equation" Quiz

Welcome to the "Understanding the Accounting Equation" quiz! Let's see how well you know the basics of assets, liabilities, and equity. Good luck!

1 / 15

1. If a company’s equity is $50,000 and its liabilities are $30,000, its assets are ________.

2 / 15

2. Equity increases when a company earns revenue.

3 / 15

3. Which of the following statements is true about equity?

4 / 15

4. When a company purchases equipment on credit, its assets ________ and its liabilities ________.

5 / 15

5. If a company pays off a debt, its liabilities decrease and its equity increases.

6 / 15

6. If a company’s assets increase by $10,000 and its liabilities increase by $4,000, what happens to its equity?

7 / 15

7. In the accounting equation, liabilities are subtracted from assets to calculate ________.

8 / 15

8. Assets are always equal to liabilities in a business.

9 / 15

9. Which of the following is an example of a liability?

10 / 15

10. A company’s assets include ________.

11 / 15

11. An increase in liabilities will always decrease equity.

12 / 15

12. What is considered an asset in the accounting equation?

13 / 15

13. If a company has assets of $200,000 and liabilities of $80,000, its equity is ________.

14 / 15

14. The accounting equation must always be in balance.

15 / 15

15. Which of the following best describes the accounting equation?

Your score is

The average score is 45%

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