Accounting Equation Quiz
Understand how assets, liabilities and equity change after business transactions.
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How to take the Accounting Equation Quiz
Choose a level, answer each question, and read the worked explanation before continuing. The mixed challenge takes 10 questions. After the round, review missed answers and choose a new practice level.
For more practice, try the Accounting Learning Games or explore the related learning games.
Common questions about Accounting Equation Quiz
Does this quiz show the answers?
Yes. Every question has one checked answer and a worked explanation. Incorrect answers can be reviewed at the end.
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No. This is free browser-based practice. Your best result is stored locally on this device.
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Study guide and worked examples
Learn the method before starting. Each example shows a complete solution.
Basic equation
Assets = Liabilities + Equity. If assets are $12,000 and liabilities $4,000, equity is $8,000.
Borrowing
Borrowing $2,000 cash increases assets and liabilities equally, leaving equity unchanged.
Earning income
Net income raises equity: $800 revenue minus $300 expense increases equity by $500.
Test your understanding using Accounting Learning Games and then review your mistakes in the quiz.