Accounting Quiz 3
1 / 50
Building account is classified as _________ account?
2 / 50
Total depreciation of an asset cannot exceed its:
3 / 50
Office equipments account is classified as _________ account?
4 / 50
Capital of a business decreases if there is an increase in___________?
5 / 50
Which of the following is the closing balance of a ledger account?
6 / 50
Discount allowed is___________?
7 / 50
Goods returned by customer should be debited to which of the following accounts?
8 / 50
The Basic accounting equation is___________?
9 / 50
Revenue and expense accounts are referred as______________?
10 / 50
Capital increases if _________ increases?
11 / 50
The process of recording transactions in different journals is called_________?
12 / 50
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
13 / 50
The standard format of journal does not include which of the following?
14 / 50
Depreciation decreases____________?
15 / 50
A journal entry in which two or more account is debited or credited is referred as____________?
16 / 50
Discount allowed is a kind of deduction from_____________?
17 / 50
A chart of accounts generally start with which of the following types of accounts?
18 / 50
Which of the following will be debited if a business purchases goods on credit?
19 / 50
Which of following best describes the increase in equity expands___________?
20 / 50
The first step in accounting process is___________?
21 / 50
Assets-Liabilities=____________?
22 / 50
Journals are also referred as_____________?
23 / 50
The process of recording is done?
24 / 50
If the business?s owner withdraws cash for his/her personal use what will be the effect on capital?
25 / 50
Collection of account receivable will
26 / 50
Net income equal to Revenues minus____________?
27 / 50
General journal is a book of _______ entries?
28 / 50
In which of the following orders data is entered in journal?
29 / 50
Discount for quick repayment of debt is normally referred as____________?
30 / 50
Which of the following accounts will be debited if the business?s owner withdraws cash from business for his personal use?
31 / 50
The other name of journal is____________?
32 / 50
___________ helps business to classify transactions according to their nature?
33 / 50
Which of the following accounts will be credited if a company purchases building for cash?
34 / 50
Amount paid to Masood posted to the credit side of his account would affect___________?
35 / 50
If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?
36 / 50
Fresh capital introduction will increase____________?
37 / 50
Which of the following accounting equation is correct?
38 / 50
he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?
39 / 50
An increase in provision for bad debt will____________?
40 / 50
Current assets ? Current liabilities=?
41 / 50
If the total liabilities of a business decrease by $5000 what will be the effect on total asset?
42 / 50
Payment of expenses will ______ the assets
43 / 50
The real accounts are accounts of Assets, liabilities and ___________?
44 / 50
Every business transaction affects at least ________ accounts?
45 / 50
Which of the following is a real account?
46 / 50
Which of the following is the practical implementation of the accounting equation?
47 / 50
Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000
48 / 50
_________ is the evidence that a transaction took place?
49 / 50
Cash received for services rendered will______________?
50 / 50
Which of the following accounts are closed at the end of an accounting period?
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