Accounting Quiz 09

Double entry implies that

Recording every transaction in books

Recording entries in journal

Recording entries in Ledger account

Recording two aspects of every transaction

Correct! Wrong!

What is the basic accounting equation?

Liabilities+Capital

Assets+ liabilities =Capital

Capital+Liabilities=Assets

Capital+assets=liabilities

Correct! Wrong!

Identify the asset from the following:

Bank loan

Cash and cash equivalent

Creditors

Notes payable

Correct! Wrong!

Which of the following is a liability?

Cash

Equipment

Debtors

Creditors

Correct! Wrong!

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

Cash account

Rent income account

Rent expenses account

Insurance expenses account

Correct! Wrong!

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

Appreciation

Outflow of cash

Drawings

Depreciation

Correct! Wrong!

Identify the nominal account

Creditors account

Building account

Rent expenses account

Machinery account

Correct! Wrong!

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

Recording

Transferring

Entry making

Posting

Correct! Wrong!

Net loss occurs when______________?

Expenses are less than Income

Expenses=Income

Liabilities are greater than income

Expenses are greater than Income

Correct! Wrong!

What is equity?

Cash from the business

liability of a business

Owner’s claim on total liabilities

Owner’s claim on total assets

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

Double entry implies that

What is the basic accounting equation?

Identify the asset from the following:

Which of the following is a liability?

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

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

Identify the nominal account

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

Net loss occurs when______________?

What is equity?

About the author

Muhammad Arslan

Double entry implies that

What is the basic accounting equation?

Identify the asset from the following:

Which of the following is a liability?

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

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

Identify the nominal account

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

Net loss occurs when______________?

What is equity?

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About the author

Muhammad Arslan