Accounting Quiz 09

Identify the asset from the following:

Bank loan

Creditors

Cash and cash equivalent

Notes payable

Correct! Wrong!

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

Appreciation

Drawings

Depreciation

Outflow of cash

Correct! Wrong!

What is the basic accounting equation?

Liabilities+Capital

Capital+assets=liabilities

Capital+Liabilities=Assets

Assets+ liabilities =Capital

Correct! Wrong!

Double entry implies that

Recording entries in Ledger account

Recording every transaction in books

Recording entries in journal

Recording two aspects of every transaction

Correct! Wrong!

What is equity?

Cash from the business

Owner’s claim on total assets

liability of a business

Owner’s claim on total liabilities

Correct! Wrong!

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

Transferring

Recording

Posting

Entry making

Correct! Wrong!

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

Rent income account

Cash account

Rent expenses account

Insurance expenses account

Correct! Wrong!

Net loss occurs when______________?

Expenses=Income

Expenses are less than Income

Expenses are greater than Income

Liabilities are greater than income

Correct! Wrong!

Which of the following is a liability?

Cash

Debtors

Equipment

Creditors

Correct! Wrong!

Identify the nominal account

Creditors account

Rent expenses account

Machinery account

Building account

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:

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

What is the basic accounting equation?

Double entry implies that

What is equity?

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

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

Net loss occurs when______________?

Which of the following is a liability?

Identify the nominal account

About the author

Muhammad Arslan

Identify the asset from the following:

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

What is the basic accounting equation?

Double entry implies that

What is equity?

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

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

Net loss occurs when______________?

Which of the following is a liability?

Identify the nominal account

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About the author

Muhammad Arslan