ACCOUNTING QUIZZES for Beginners - Accounting Equation Quiz: 20 Questions for Beginners

👉 Confused by accounting? Download this free cheat sheet: https://accountingstuff.com How well do you know the Accounting Equation? This video features a 20-question multiple-choice quiz on this core accounting concept. It begins with the basics and gradually moves into more challenging questions. You’ll test your knowledge of Assets, Liabilities and Equity, and see how different transactions affect the equation. The quiz covers key topics like which items belong in each category, how to calculate missing figures, and how profits or losses flow through to Equity. By the end, you’ll have a stronger grasp of how the Accounting Equation underpins Financial Statements and the Double-Entry Accounting system. 🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel ⏱️TIMESTAMPS 00:00 - Intro 00:22 - Q1: What is the basic Accounting Equation? 00:56 - Q2: If Assets do not equal Liabilities + Equity, what does this indicate? 01:30 - Q3: Which of the following is classified as an Asset? 02:00 - Q4: Which of the following is classified as a Liability? 02:30 - Q5: Which of the following is included in Equity? 02:56 - Free Accounting Equation Cheat Sheet 03:07 - Q6: Which Financial Statement reflects the Accounting Equation at a point in time? 03:45 - Q7: A business has $20,000 in Liabilities and $50,000 in Equity. What are its Assets? 04:23 - Q8: A business has $50,000 in Assets and $20,000 in Liabilities. What is its Equity? 05:04 - Q9: The Income Statement is linked to the Accounting Equation through ____ . 05:37 - Q10: Which of the following is not classified as a Liability? 06:05 - Q11: Which of the following is not classified as an Asset? 06:34 - Q12: Which of the following is not included in Equity? 07:04 - Q13: An owner contributes cash into their business. How does this affect the Accounting Equation? 07:38 - Q14: An owner withdraws cash from their business for personal use. How does this affect the Accounting Equation? 08:19 - Q15: A business issues a $1,500 cash payment to settle an Account Payable. How does this affect the Accounting Equation? 09:00 - Q16: A business buys equipment worth $3,000 on account. How does this affect the Accounting Equation? 09:44 - Q17: Which of the following transactions would increase Total Equity? 10:20 - Q18: A business has Total Assets of $80,000 and Total Liabilities of $110,000. What is its Total Equity? 11:04 - Q19: Which of the following sets of figures does not balance under the Accounting Equation? 11:48 - Q20: A business sells goods for $1,000 cash that originally cost $700. How does this affect the Accounting Equation? 12:44 - Bonus Question: Which of the following is a component of the Expanded Accounting Equation? 🔗OTHER RESOURCES ▪ My Website → https://accountingstuff.com/accounting-basics/accounting-equation 🔎FAQ ▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m 🔝 CLOUD ACCOUNTING SOFTWARE ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/accountingstuff ________________________ DISCLAIMER Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you! ________________________ #accounting #accountingbasics #accountingstuff