Accounting Quiz 09

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

Appreciation

Depreciation

Outflow of cash

Drawings

Correct! Wrong!

What is equity?

liability of a business

Cash from the business

Owner’s claim on total assets

Owner’s claim on total liabilities

Correct! Wrong!

Double entry implies that

Recording entries in journal

Recording two aspects of every transaction

Recording every transaction in books

Recording entries in Ledger account

Correct! Wrong!

Identify the nominal account

Rent expenses account

Machinery account

Building account

Creditors account

Correct! Wrong!

Net loss occurs when______________?

Liabilities are greater than income

Expenses=Income

Expenses are less than Income

Expenses are greater than Income

Correct! Wrong!

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

Transferring

Posting

Recording

Entry making

Correct! Wrong!

Identify the asset from the following:

Creditors

Notes payable

Bank loan

Cash and cash equivalent

Correct! Wrong!

What is the basic accounting equation?

Liabilities+Capital

Assets+ liabilities =Capital

Capital+Liabilities=Assets

Capital+assets=liabilities

Correct! Wrong!

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

Insurance expenses account

Cash account

Rent income account

Rent expenses account

Correct! Wrong!

Which of the following is a liability?

Debtors

Creditors

Cash

Equipment

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

Facebook Comments

Accounting Quiz 09

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

What is equity?

Double entry implies that

Identify the nominal account

Net loss occurs when______________?

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

Identify the asset from the following:

What is the basic accounting equation?

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

Which of the following is a liability?

About the author

Muhammad Arslan

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

What is equity?

Double entry implies that

Identify the nominal account

Net loss occurs when______________?

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

Identify the asset from the following:

What is the basic accounting equation?

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

Which of the following is a liability?

You may also like

About the author

Muhammad Arslan