1) What is the elements of Accounting Equation refers to the resources of the entity owns in order to derive some future benefits? a) Assets b) Liabilities c) Equity d) Capital 2) In what cases can the Accounting Equation be rewritten? a) Assets + Liabilities = Equity b) Assets - Liabilities = Equity c) Equity - Assets = Liabilities d) Equity + Assets = Liabilities 3) What will be the result if the revenues exceed expenses? a) Net income b) Net loss c) Gross profit d) Gain 4) Which of the following represents the amount that are collectible from customers? a) Cash b) Accounts receivable c) Inventories d) Capital 5) What accounts represents promises to the entity to received at a later date? a) Notes Payable b) Notes Receivable c) Accounts Payable d) Accounts Receivable

The Accounting Equation

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