Accounting Quiz On Assets, Liabilities and The Accounting Equation

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:

Assets Liabilties Capital
A 40,000 10,000 ?
B 15,000 ? 11,000
C ? 5,000 10,000
D 11,000 8,000


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