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The Accounting Equation: Definition & Components

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 is NOT an asset for a company?

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1. What is the money that an owner has personally invested in their company called?

2. According to the accounting equation, accounts are balanced when assets:

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About This Quiz & Worksheet

The field of accounting is very complex. The basic concept of the accounting equation, however, is relatively simple. You will be assessed on your knowledge of the elements in the equation, the definition of these elements and the relationship between these elements.

Quiz & Worksheet Goals

In this quiz, you will be assessed on your understanding of:

  • Parts of the accounting equation
  • Owner's equity
  • Balancing accounts

Skills Practiced

  • Distinguishing differences - compare and contrast topics from the lesson, such as the different parts of the accounting equation
  • Information recall - access the knowledge you've gained regarding accounting
  • Reading comprehension - ensure that you draw the most important information from the related lesson on the accounting equation

Additional Learning

If you're interested in learning more about accounting, check out the accompanying lesson titled The Accounting Equation: Definition & Components. It covers things such as:

  • Each part of the accounting equation
  • How each part works together
  • How to balance accounts
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