Question # 11 of 20
Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
Select correct option:
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000
Question # 12 of 20
What should be credited, if rent paid in cash?
Select correct option:
Landlord’s account
Rent account
Cash account
Accounts receivable account
Question # 13 of 20
Consider the following data: Particulars Rs. Assets 75,500 Owner's equity ? Liabilities 40,200
Select correct option:
Rs. 35,300
Rs. 55,000
Rs. 125,000
Rs. 115,700
Question # 14 of 20
Find out the missing value of an Accounting Equation with the help of given data: Total Assets Rs. 34,500 Accounts payable Rs. 1, 000 Other liabilities Rs. 11,500 Owner’s equity ?
Select correct option:
Rs. 22,000
Rs.24, 000
Rs. 45,000
Rs. 46,000
Question # 15 of 20
Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction
Select correct option:
1 only
1 & 2 only
2 & 3 only
1, 2 & 3
Question # 16 of 20
Which one of the following will result in increase in revenues?
Select correct option:
Purchased fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit
Question # 17 of 20
Amount generated from sales in a business is called:
Select correct option:
Income
Net Income
Gross Profit
Operating profit
Question # 18 of 20
The expenses which are NOT paid out of Gross Profit is classified as:
Select correct option:
Direct Expenses
General Expenses
Financial Expenses
Selling Expenses
Question # 19 of 20
The process of transferring journal entry information to the ledger is called:
Select correct option:
Journalizing
Posting
Balancing
Analyzing
Question # 20 of 20
Which of the following is NOT correct?
Select correct option:
Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit
Consider the following data: Particulars Rs. Assets ? Owner's equity 35,000 Liabilities 90,000
Select correct option:
Rs. 35,000
Rs. 55,000
Rs. 1, 25,000
Rs. 1, 05,000
Question # 12 of 20
What should be credited, if rent paid in cash?
Select correct option:
Landlord’s account
Rent account
Cash account
Accounts receivable account
Question # 13 of 20
Consider the following data: Particulars Rs. Assets 75,500 Owner's equity ? Liabilities 40,200
Select correct option:
Rs. 35,300
Rs. 55,000
Rs. 125,000
Rs. 115,700
Question # 14 of 20
Find out the missing value of an Accounting Equation with the help of given data: Total Assets Rs. 34,500 Accounts payable Rs. 1, 000 Other liabilities Rs. 11,500 Owner’s equity ?
Select correct option:
Rs. 22,000
Rs.24, 000
Rs. 45,000
Rs. 46,000
Question # 15 of 20
Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction
Select correct option:
1 only
1 & 2 only
2 & 3 only
1, 2 & 3
Question # 16 of 20
Which one of the following will result in increase in revenues?
Select correct option:
Purchased fixed asset
Received discount
Payment to creditors
Return of goods, sold on credit
Question # 17 of 20
Amount generated from sales in a business is called:
Select correct option:
Income
Net Income
Gross Profit
Operating profit
Question # 18 of 20
The expenses which are NOT paid out of Gross Profit is classified as:
Select correct option:
Direct Expenses
General Expenses
Financial Expenses
Selling Expenses
Question # 19 of 20
The process of transferring journal entry information to the ledger is called:
Select correct option:
Journalizing
Posting
Balancing
Analyzing
Question # 20 of 20
Which of the following is NOT correct?
Select correct option:
Decrease in Assets will be credit
Decrease in Liabilities will be credit
Decrease in Expenses will be credit
Decrease in Revenue will be debit
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