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Using the Accounting Equation: Adding Revenues, Expenses & Dividends

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following are part of the basic accounting equation?

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1. What part of the basic accounting equation is broken down into three other categories to create the extended accounting equation?

2. Money that is brought in as payment for goods or services is called ___________.

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About This Quiz & Worksheet

Taking a look at the basis of the entire accounting process, this quiz and corresponding worksheet will help you gauge your knowledge of adding revenues, expenses, and dividends with the accounting equation. Topics you'll need to know to pass the quiz include understanding parts of the basic accounting equation as well as knowing how the extended accounting equation is created.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Components of the basic accounting equation
  • How the extended accounting equation is created
  • Money that is paid out of a company for items needed for daily operations
  • Money that is paid to an investor as a return on their investments

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding how the extended accounting equation is created and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the definition of revenue
  • Reading comprehension - ensure that you draw the most important information from the related accounting equation lesson

Additional Learning

To learn more about how it all adds up, review the corresponding lesson on Using the Accounting Equation: Adding Revenues, Expenses, and Dividends. This lesson will help you:

  • Understand the foundation of accounting
  • Identify the basic accounting equation
  • Describe the characteristics of each part of the equation
  • Explain how a company can balance its finances
  • Appreciate how to factor in an owner's equity
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