CIMA BA3 · Chapter 3 · Question 1 of 10
A business has total assets of $84,500 and total liabilities of $31,200. What is the owner's capital?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) $53,300
Explanation
Assets = Capital + Liabilities, so Capital = Assets - Liabilities = $84,500 - $31,200 = $53,300.
More Double entry bookkeeping and the accounting equation MCQs
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- Q7Which of the following accounts would normally have a credit balance?