The accounting equation tells us that the assets of a business are equal to the liabilities plus the owners equity in the business. In any transaction the accounting equation must balance, and it is important to be able to identify whether a transaction affects the assets, liabilities or the equity of a business.
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Start the Assets Liabilities Equity Quiz
For each question identify which category (assets, liabilities or equity) does not form part of the accounting equation for the transaction shown. Click on an answer to reveal whether its Right! or Wrong.
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