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4 cards from this section. Quick, good the night before a test.
What is the basic accounting equation?
Think about the three components of a balance sheet.
Name one example of an asset.
Consider what a business owns.
What does the accounting equation express?
Remember, it includes both liabilities and owner's equity.
Is owner's equity an asset?
Think about what comprises total assets.
A company reports total assets of $200,000 and liabilities of $80,000. Later it receives a loan of $30,000. What is the new owner’s equity?
Remember to adjust assets and liabilities according to the loan.
If a business has a total equity of $150,000 but had $50,000 in liabilities, what were the total assets?
Consider how liabilities and equity contribute to total assets.
5 more questions in this section. Enroll free to practise them all.
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