Accounting Quiz 09

Identify the nominal account

Building account

Machinery account

Creditors account

Rent expenses account

Double entry implies that

Recording entries in Ledger account

Recording two aspects of every transaction

Recording entries in journal

Recording every transaction in books

Identify the asset from the following:

Creditors

Cash and cash equivalent

Notes payable

Bank loan

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

Transferring

Entry making

Posting

Recording

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

Cash account

Rent income account

Insurance expenses account

Rent expenses account

Net loss occurs when______________?

Expenses=Income

Expenses are less than Income

Expenses are greater than Income

Liabilities are greater than income

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

Depreciation

Drawings

Outflow of cash

Appreciation

Which of the following is a liability?

Cash

Creditors

Debtors

Equipment

What is equity?

Cash from the business

liability of a business

Owner’s claim on total liabilities

Owner’s claim on total assets

What is the basic accounting equation?

Assets+ liabilities =Capital

Capital+Liabilities=Assets

Liabilities+Capital

Capital+assets=liabilities