The Balance sheet Equation (Form 1, Accounting Commercial)

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Key questions on equity presentation in financial position.

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The Balance sheet Equation (Form 1, Accounting Commercial)


Froggy Jumps The Balance sheet Equation (Form 1, Accounting Commercial)Online version Key questions on equity presentation in financial position. by YAKILI LMS 1 In the balance sheet equation, which of the following represents what the business owns? a Liabilities b Assets c Owner's Equity 2 Which term describes amounts owed to outsiders the business must pay? a Assets b Liabilities c Owner's Equity 3 Owner's Equity is best defined as the owner's share after deducting what? a Revenue b Liabilities c Assets 4 The balance sheet equation is Assets = Liabilities + ? a Expenses b Revenue c Owner's Equity 5 If Assets total 50,000 and Liabilities 20,000, what is Owner's Equity? a 30,000 b 70,000 c 20,000 6 Which side of the balance sheet shows what the business owes? a Liabilities b Assets c Owner's Equity 7 Which item increases Owner's Equity directly? a Dividends b Liabilities c Net Income 8 If Owner's Equity increases, with no other changes, what must happen to Assets or Liabilities? a Only Assets change b Assets or Liabilities must also change to balance c Only Liabilities change 9 What is the term for resources owned by the business? a Owner's Equity b Assets c Liabilities 10 A loan taken by the business increases which account? a Liabilities b Owner's Equity c Assets 11 Repayment of a loan decreases which account? a Liabilities b Owner's Equity c Assets 12 Investments by owners increase which side of the equation? a Owner's Equity b Liabilities c Assets 13 Revenue increases which component of Owner's Equity? a Assets b Liabilities c Retained Earnings (part of Equity) 14 Drawings by the owner affect which account? a Owner's Equity b Assets c Liabilities 15 A business purchases equipment with cash. What happens to Assets? a Owner's Equity decreases b No net change in total assets if paid cash, but asset type changes c Liabilities increase 16 Which of the following is NOT part of the Balance Sheet Equation? a Liabilities b Revenue c Assets 17 If Liabilities increase by 5,000 and Assets increase by 5,000, what happens to Owner's Equity? a Decreases b Remains unchanged c Increases 18 What represents the owner's claim on the business after liabilities? a Owner's Equity b Assets c Liabilities 19 Which event increases both Assets and Liabilities equally? a Paying off a loan b Owner withdrawal c Taking a loan to buy equipment 20 If a company pays dividends to owners, what happens to Owner's Equity? a Increases b Decreases c Unchanged 21 Which account is part of Owner's Equity? a Notes Payable b Retained Earnings c Accounts Receivable 22 Which side is the equation Assets = Liabilities + Owner's Equity typically shown on? a Only right side b Both sides are equal c Only left side 23 A service revenue increases which balance sheet component? a Assets b Owner's Equity (via Retained Earnings) c Liabilities 24 Equipment bought on credit affects which accounts? a Assets only b Assets and Liabilities c Owner's Equity only 25 Which term describes the owner's financial interest in the business? a Assets b Owner's Equity c Liabilities 26 If total Assets are 100,000 and Liabilities are 60,000, Owner's Equity is? a 40,000 b 60,000 c 160,000 27 What happens to Assets when Liabilities increase without changing Equity? a Total Assets decrease b Total Assets increase c Equity increases 28 What is the formula for the Balance Sheet Equation? a Assets + Liabilities = Owner's Equity b Assets = Liabilities - Owner's Equity c Assets = Liabilities + Owner's Equity 29 Which of these is a liability? a Equipment b Bank loan c Cash 30 What increases both Assets and Owner's Equity at the same time? a Capital contribution from owner b Paying a debt c Borrowing from bank 31 If a business borrows cash, what happens to Assets and Liabilities? a Liabilities increase only b Assets increase, Liabilities increase c Assets increase only 32 What is not a form of Owner's Equity activity? a Owner investment b Profit retention c Paying suppliers 33 Which would decrease Owner's Equity? a Dividends to owner b Profit from operations c Capital introduced 34 Which item belongs to the liabilities side? a Equipment b Cash c Accounts payable 35 Equity includes retained earnings and what else? a Owner contributions b Accounts payable c Inventory 36 A loss decreases which component of equity? a Liabilities b Retained earnings c Assets 37 What describes the owner’s residual interest after liabilities? a Liabilities b Assets c Owner's Equity 38 Which is an asset category? a Loans payable b Cash c Accounts payable 39 If Owner's Equity rises, what could happen to Assets? a Must stay the same b Stay the same or increase c Must decrease 40 Which activity increases Liabilities? a Borrowing b Purchasing supplies with cash c Owner withdrawal 41 Which is a common source of Owner's Equity? a Capital contribution b Accounts payable c Bank loan 42 What happens to assets when you sell an asset for cash? a Asset mix changes, cash increases b Equity decreases c Liabilities increase 43 Which statement best summarizes the Balance Sheet Equation? a Assets equal Liabilities plus Equity b Equity equals Assets plus Liabilities c Assets minus Liabilities 44 Which account is NOT part of Liabilities? a Accounts payable b Notes payable c Owner's Equity 45 A service fee collected in cash affects which accounts? a Only Assets b Only Liabilities c Assets and Owner's Equity 46 Which action reduces Liabilities? a Insolvent loss b Borrowing from bank c Paying a loan 47 Which term describes claims by owners on the business? a Liabilities b Assets c Owner's Equity 48 Which increases Owner's Equity directly? a Profit after tax b Cash purchase c Loan payable 49 Which would decrease Assets but not Liabilities? a Revenue b Depreciation of equipment c Loan repayment 50 Which item is on the assets side? a Accounts payable b Mortgage payable c Inventory

The Balance sheet Equation (Form 1, Accounting Commercial)

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The Balance sheet Equation (Form 1, Accounting Commercial)Online version

by YAKILI LMS

In the balance sheet equation, which of the following represents what the business owns?

Which term describes amounts owed to outsiders the business must pay?

Owner's Equity is best defined as the owner's share after deducting what?

The balance sheet equation is Assets = Liabilities + ?

If Assets total 50,000 and Liabilities 20,000, what is Owner's Equity?

Which side of the balance sheet shows what the business owes?

Which item increases Owner's Equity directly?

If Owner's Equity increases, with no other changes, what must happen to Assets or Liabilities?

What is the term for resources owned by the business?

A loan taken by the business increases which account?

Repayment of a loan decreases which account?

Investments by owners increase which side of the equation?

Revenue increases which component of Owner's Equity?

Drawings by the owner affect which account?

A business purchases equipment with cash. What happens to Assets?

Which of the following is NOT part of the Balance Sheet Equation?

If Liabilities increase by 5,000 and Assets increase by 5,000, what happens to Owner's Equity?

What represents the owner's claim on the business after liabilities?

Which event increases both Assets and Liabilities equally?

If a company pays dividends to owners, what happens to Owner's Equity?

Which account is part of Owner's Equity?

Which side is the equation Assets = Liabilities + Owner's Equity typically shown on?

A service revenue increases which balance sheet component?

Equipment bought on credit affects which accounts?

Which term describes the owner's financial interest in the business?

If total Assets are 100,000 and Liabilities are 60,000, Owner's Equity is?

What happens to Assets when Liabilities increase without changing Equity?

What is the formula for the Balance Sheet Equation?

Which of these is a liability?

What increases both Assets and Owner's Equity at the same time?

If a business borrows cash, what happens to Assets and Liabilities?

What is not a form of Owner's Equity activity?

Which would decrease Owner's Equity?

Which item belongs to the liabilities side?

Equity includes retained earnings and what else?

A loss decreases which component of equity?

What describes the owner’s residual interest after liabilities?

Which is an asset category?

If Owner's Equity rises, what could happen to Assets?

Which activity increases Liabilities?

Which is a common source of Owner's Equity?

What happens to assets when you sell an asset for cash?

Which statement best summarizes the Balance Sheet Equation?

Which account is NOT part of Liabilities?

A service fee collected in cash affects which accounts?

Which action reduces Liabilities?

Which term describes claims by owners on the business?

Which increases Owner's Equity directly?

Which would decrease Assets but not Liabilities?

Which item is on the assets side?