Accounting Quiz 09

Net loss occurs when______________?

Expenses=Income

Expenses are less than Income

Liabilities are greater than income

Expenses are greater than Income

Correct! Wrong!

What is equity?

liability of a business

Owner’s claim on total assets

Cash from the business

Owner’s claim on total liabilities

Correct! Wrong!

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

Insurance expenses account

Rent expenses account

Cash account

Rent income account

Correct! Wrong!

Identify the asset from the following:

Notes payable

Cash and cash equivalent

Creditors

Bank loan

Correct! Wrong!

What is the basic accounting equation?

Capital+assets=liabilities

Capital+Liabilities=Assets

Liabilities+Capital

Assets+ liabilities =Capital

Correct! Wrong!

Double entry implies that

Recording entries in Ledger account

Recording entries in journal

Recording every transaction in books

Recording two aspects of every transaction

Correct! Wrong!

Identify the nominal account

Machinery account

Creditors account

Building account

Rent expenses account

Correct! Wrong!

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

Outflow of cash

Drawings

Depreciation

Appreciation

Correct! Wrong!

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

Entry making

Transferring

Recording

Posting

Correct! Wrong!

Which of the following is a liability?

Debtors

Creditors

Cash

Equipment

Correct! Wrong!

Accounting Quiz 09

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Accounting Quiz 09

Net loss occurs when______________?

What is equity?

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

Identify the asset from the following:

What is the basic accounting equation?

Double entry implies that

Identify the nominal account

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

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

Which of the following is a liability?

About the author

Muhammad Arslan

Net loss occurs when______________?

What is equity?

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

Identify the asset from the following:

What is the basic accounting equation?

Double entry implies that

Identify the nominal account

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

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

Which of the following is a liability?

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About the author

Muhammad Arslan