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O-LevelAccountingThe fundamentals of accounting7707/11 · May/June 2011 · Q41 Mark

Which is the accounting equation?

Aassets - current liabilities = owner's equity (capital)
Bassets - liabilities = owner's equity (capital)
Ccurrent assets – current liabilities = owner's equity (capital)
Dnon-current assets – liabilities = owner's equity (capital)

✓ Correct answer

B: assets - liabilities = owner's equity (capital)

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About this question

Topic
The fundamentals of accounting, O-Level Accounting (syllabus 7707). Multiple choice, 1 mark.
Source
O-Level Accounting, May/June 2011 Paper 1 Variant 1, question 4.

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