Accounting Quiz 09

Identify the asset from the following:

Bank loan

Notes payable

Creditors

Cash and cash equivalent

Correct! Wrong!

Transferring entries from journal to ledger account is commonly known as____________?

Entry making

Posting

Transferring

Recording

Correct! Wrong!

Which of the following is a liability?

Equipment

Creditors

Cash

Debtors

Correct! Wrong!

Double entry implies that

Recording entries in journal

Recording every transaction in books

Recording entries in Ledger account

Recording two aspects of every transaction

Correct! Wrong!

What is equity?

Owner’s claim on total assets

Owner’s claim on total liabilities

Cash from the business

liability of a business

Correct! Wrong!

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

Drawings

Appreciation

Depreciation

Outflow of cash

Correct! Wrong!

Identify the nominal account

Machinery account

Building account

Rent expenses account

Creditors account

Correct! Wrong!

Net loss occurs when______________?

Expenses are less than Income

Expenses are greater than Income

Liabilities are greater than income

Expenses=Income

Correct! Wrong!

Which of the following accounts can be classified as a real account?

Cash account

Insurance expenses account

Rent income account

Rent expenses account

Correct! Wrong!

What is the basic accounting equation?

Liabilities+Capital

Capital+assets=liabilities

Capital+Liabilities=Assets

Assets+ liabilities =Capital

Correct! Wrong!

Accounting Quiz 09

Well Done !

Your parents would be so proud of you :'D

You Could Do Better !!!

Give it another try 😉

Oh Shoot ! Try Again Maybe ?

Try again bachaa :3

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Accounting Quiz 09

Identify the asset from the following:

Transferring entries from journal to ledger account is commonly known as____________?

Which of the following is a liability?

Double entry implies that

What is equity?

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

Identify the nominal account

Net loss occurs when______________?

Which of the following accounts can be classified as a real account?

What is the basic accounting equation?

About the author

Muhammad Arslan

Identify the asset from the following:

Transferring entries from journal to ledger account is commonly known as____________?

Which of the following is a liability?

Double entry implies that

What is equity?

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

Identify the nominal account

Net loss occurs when______________?

Which of the following accounts can be classified as a real account?

What is the basic accounting equation?

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About the author

Muhammad Arslan