What does the accounting equation stand for?

Assets = Capital + Liabilities (2)

Assets = Cost + Liabilities (1)

Assets = Capital + Long term costs (3)

What is the meaning of an asset?

Money that is owed to the business or something that is the business (1)

Money that is owed from your business (2)

Something that you owe like a mortgage (1)

Money invested in a business to generate income? (1)

The amount of profit you make (3)

Quiz

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1What is the accounting equation?
1. AA = C + L (1)
2. BB = C + C (2)
3. CZ= A + B (3)
2What does the accounting equation stand for?
1. AAssets = Cost + Liabilities (1)
2. BAssets = Capital + Liabilities (2)
3. CAssets = Capital + Long term costs (3)
3A credit is something that goes out of your bank account?
1. ATrue
2. BFalse
4A debit is money that is coming into your account?
1. ATrue
2. BFalse
5What is the meaning of an asset?
1. AMoney that is owed to the business or something that is the business (1)
2. BMoney that is owed from your business (2)
3. CA customers shoe (3)
6What is the meaning of a liability?
1. ASomething that you owe like a mortgage (1)
2. BSomething you want to buy (2)
3. CSomething you hired (3)
7What is the meaning of capital?
1. AMoney invested in a business to generate income? (1)
2. BYour income (2)
3. CThe amount of profit you make (3)