Financial Accounting quizzes
How assets, liabilities and equity fit together, how transactions affect them, and why profit differs from cash.
Quizzes in this topic
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Financial Accounting: The accounting equation · Assets, Liabilities and Equity
What assets, liabilities and equity really are, and how they fit together in the accounting equation.
24 questions -
Financial Accounting: The accounting equation · How Transactions Affect the Equation
How everyday business transactions move assets, liabilities and equity while the equation stays in balance.
23 questions -
Financial Accounting: Why Profit Is Not Cash
A tour of financial accounting, from the accounting equation and double entry to accruals, the three financial statements and the IFRS framework.
50 questions
Try a question
From Financial Accounting: The accounting equation · Assets, Liabilities and Equity
A store has sold gift cards worth 1,000 that customers haven't redeemed yet. How are they classified?
- Revenue already earned by the store
- A liability: goods are still owed
- Part of the owners' equity
Show the answer
Answer: A liability: goods are still owed
Until the cards are redeemed, the store owes customers goods or services, so the cash received is matched by an obligation.
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