Quiz 9: Accounting Equation Exercises

Test your knowledge of the accounting equation with our online accounting equation exercises. There are three types of account that make up the accounting equation list, asset, liability, and capital, but do you know the effect of debits and credits on each?

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1. Using the accounting equation, what is the owners equity if assets are 40,000 and liabilities are 25,000?
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2. Using the accounting equation, what are the liabilities if assets are 40,000 and owners equity is 20,000?
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3. Using the accounting equation, what are the assets if liabilities are 5,000 and owners equity is 6,000?
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4. Using the accounting equation, what is the owners equity if assets are 41,000 and liabilities are 6,000?
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5. Using the accounting equation, what are the liabilities if assets are 12,000 and owners equity is 7,000?
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6. Using the accounting equation, what are the assets if owners equity is 14,000 and liabilities are 20,000?
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Quiz 9: Accounting Equation Exercises December 14th, 2016Team

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