subject

Accounting Equations

Commerce ⇒ Accountancy

Accounting Equations starts at 11 and continues till grade 12. QuestionsToday has an evolving set of questions to continuously challenge students so that their knowledge grows in Accounting Equations. How you perform is determined by your score and the time you take. When you play a quiz, your answers are evaluated in concept instead of actual words and definitions used.
See sample questions for grade 11
A business has assets of ₹1,20,000 and liabilities of ₹70,000. If the owner withdraws ₹10,000, what will be the new capital?
A business has assets of ₹1,80,000 and liabilities of ₹1,20,000. If the owner withdraws ₹20,000, what will be the new capital?
A business has assets of ₹2,00,000 and liabilities of ₹1,20,000. If the owner introduces additional capital of ₹30,000, what will be the new capital?
A business has assets of ₹2,00,000, liabilities of ₹1,00,000, and capital of ₹1,00,000. If it purchases goods worth ₹20,000 on credit, what will be the new liabilities?
A business has assets of ₹2,50,000 and capital of ₹1,50,000. What are its liabilities?
A business has assets of ₹90,000 and capital of ₹60,000. If it takes a loan of ₹20,000, what will be the new amount of liabilities?
A business started with cash ₹50,000. It purchased goods for cash ₹20,000. What is the effect on assets?
Explain how the accounting equation is affected when goods are sold on credit.
Explain the effect of depreciation on the accounting equation.
Explain the effect of paying salary on the accounting equation.
Explain the effect of the purchase of goods for cash on the accounting equation.
Explain the impact of earning revenue on the accounting equation.
Explain why the accounting equation must always balance.
If a business earns profit of ₹15,000, what is the effect on capital?
If a business pays off a liability of ₹15,000, what is the effect on assets and liabilities?
If a business pays rent of ₹2,000, what will be the effect on the accounting equation?
If a business purchases machinery worth ₹30,000 by taking a loan, what is the effect on the accounting equation?
If a business receives commission of ₹5,000, what is the effect on the accounting equation?
If the assets of a business are ₹1,00,000 and liabilities are ₹40,000, what is the amount of capital?
State the basic accounting equation.