Knowing the basics of accounting is crucial for accounting students. And practicing questions is probably just as important. For this reason I've created a section on this website specifically dedicated to basic accounting questions.
It'll test your understanding of the accounting equation and its various elements - assets, liabilities and owner's equity. It also covers the financial position of a business.
Accounting Equation Exercises
The basic accounting equation is the foundation of accounting, so you should know this well.
These accounting equation exercises will give you some good practice with understanding how the balances of assets, liabilities and owner's equity fit together, as well as a bit of a test of income and profit.
Note that most of these questions have accompanying solutions but some do not. Please understand that I (Michael Celender) run this site on my own, and because there are hundreds of questions that have been submitted, I have not been able to answer every single one. Because of this I have also stopped accepting new submissions.
For questions that haven't yet been solved - you are welcome to try solve them yourself and post the answer for future visitors. They will very much appreciate your work. ;-)
Still Didn't Find What You're Looking For?
There are hundreds of questions posted all around this website. If you're looking for a question on a specific accounting topic and didn't find it above, use this site search bar. It'll help you find the question you're looking for, or at least something close.
Just enter your search term below, click "search," and all pages on this site containing that term will show up.