Accounting Quiz 09

Net loss occurs when______________?

Expenses are less than Income

Liabilities are greater than income

Expenses=Income

Expenses are greater than Income

Correct! Wrong!

Which of the following is a liability?

Debtors

Cash

Equipment

Creditors

Correct! Wrong!

Double entry implies that

Recording every transaction in books

Recording two aspects of every transaction

Recording entries in journal

Recording entries in Ledger account

Correct! Wrong!

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

Rent expenses account

Cash account

Insurance expenses account

Rent income account

Correct! Wrong!

What is equity?

Cash from the business

Owner’s claim on total assets

Owner’s claim on total liabilities

liability of a business

Correct! Wrong!

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

Posting

Recording

Entry making

Transferring

Correct! Wrong!

Identify the nominal account

Rent expenses account

Machinery account

Building account

Creditors account

Correct! Wrong!

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

Depreciation

Drawings

Appreciation

Outflow of cash

Correct! Wrong!

What is the basic accounting equation?

Capital+Liabilities=Assets

Capital+assets=liabilities

Assets+ liabilities =Capital

Liabilities+Capital

Correct! Wrong!

Identify the asset from the following:

Bank loan

Notes payable

Cash and cash equivalent

Creditors

Correct! Wrong!

Accounting Quiz 09

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Accounting Quiz 09

Net loss occurs when______________?

Which of the following is a liability?

Double entry implies that

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

What is equity?

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

Identify the nominal account

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

What is the basic accounting equation?

Identify the asset from the following:

About the author

Muhammad Arslan

Net loss occurs when______________?

Which of the following is a liability?

Double entry implies that

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

What is equity?

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

Identify the nominal account

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

What is the basic accounting equation?

Identify the asset from the following:

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About the author

Muhammad Arslan