Accounting Equation: Short Quiz
Here are 5 quick questions on the Accounting Equation. Can you answer them all under time pressure?
1. Buying equipment with Cash increases Assets and Liabilities. True or False?
2. Running a depreciation expense decreases Assets and Equity. True or False?
3. Earning revenue 'on account' increases Assets and Liabilities. True or False?
4. Repaying a loan decreases Assets and Liabilities. True or False?
5. Receiving a payment from a debtor has no overall impact on the Accounting Equation. True or False?
Let me know how you scored in comments.
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