Quiz 2: Accounting Equation Quiz

Test your knowledge of the accounting equation with our online accounting equation quiz.

There are three types of account that make up the accounting equation, asset, liability, and capital, but do you know the effect of debits and credits on each?

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If you need a refresher course on this topic you can view our accounting equation tutorials here.

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Click on an answer to reveal whether its Right! or Wrong

1. What entry should you make in an asset account to increase an asset?
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Right!
2. What entry should you make in a liability account to increase a liability?
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3. What entry should you make in the capital account to increase the capital?
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4. What entry should you make in an asset account to decrease an asset?
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Right!
5.What entry should you make in a liability account to decrease a liability?
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Right!
6. What entry should you make in the capital account to decrease the capital?
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Wrong

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Quiz 2: Accounting Equation Quiz December 14th, 2016Team

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