The accounting equation is Assets = Liabilities + Owner's (Stockholders') Equity. The accounting equation should remain in balance at all times because of double-entry accounting or bookkeeping. Double-entry means that every transaction will affect at least two accounts in the general ledger.

Reinforce your accounting and bookkeeping knowledge with these free crossword puzzles with answers .If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Accounting Equation.

Sample Accounting Equation Questions

1)  Liabilities are amounts _______ by a company.

2)  The collection of an account receivable will affect two _________ accounts.

3)  Double-entry accounting is a key reason why the accounting ______________ remains in balance.

4)  Along with owner's equity these are claims against a company's assets.

5)  This word is often part of the account title of liabilities.

6)  The accounting equation remains in balance because of the accounting system known as __________-entry.

7)  The financial statement with a structure similar to the accounting equation is the __________ sheet.

8)  Revenues + gains – expenses – losses = _____ income.

9)  The balance sheet reports the financial position of a company at a moment or ________ in time.

10)  A listing of all the accounts to which amounts can be posted is the ___________ of accounts

 

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