Refresh or test your accounting knowledge by answering the following questions on Assets, Liabilities and The Accounting Equation:-
1.0 What is an asset? Give three examples
2.0 What is a liability? Give three examples
3.0 What is the accounting equation?
4.0 What are drawings?
5.0 What is the business equation?
6.0 Distinguish between a debtor and a creditor
7.0 : Fill In The Blank for the following: