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Accounting Quiz 3

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Accounting Quiz 3

1 / 50

A journal entry in which two or more account is debited or credited is referred as____________?

2 / 50

In which of the following orders data is entered in journal?

3 / 50

Amount paid to Masood posted to the credit side of his account would affect___________?

4 / 50

Depreciation decreases____________?

5 / 50

Discount allowed is___________?

6 / 50

Net income equal to Revenues minus____________?

7 / 50

Which of the following will be debited if a business purchases goods on credit?

8 / 50

The process of recording transactions in different journals is called_________?

9 / 50

Which of the following accounting equation is correct?

10 / 50

Discount for quick repayment of debt is normally referred as____________?

11 / 50

Find out the value of assets if: Liabilities=$5000 and Capital=$1000

12 / 50

The standard format of journal does not include which of the following?

13 / 50

Which of the following is the practical implementation of the accounting equation?

14 / 50

The process of recording is done?

15 / 50

Which of the following is the closing balance of a ledger account?

16 / 50

The Basic accounting equation is___________?

17 / 50

Fresh capital introduction will increase____________?

18 / 50

Goods returned by customer should be debited to which of the following accounts?

19 / 50

The other name of journal is____________?

20 / 50

Every business transaction affects at least ________ accounts?

21 / 50

Collection of account receivable will

22 / 50

The first step in accounting process is___________?

23 / 50

General journal is a book of _______ entries?

24 / 50

Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000

25 / 50

Current assets ? Current liabilities=?

26 / 50

Journals are also referred as_____________?

27 / 50

___________ helps business to classify transactions according to their nature?

28 / 50

_________ is the evidence that a transaction took place?

29 / 50

Capital increases if _________ increases?

30 / 50

Discount allowed is a kind of deduction from_____________?

31 / 50

A chart of accounts generally start with which of the following types of accounts?

32 / 50

Assets-Liabilities=____________?

33 / 50

If the business?s owner withdraws cash for his/her personal use what will be the effect on capital?

34 / 50

Which of the following accounts are closed at the end of an accounting period?

35 / 50

Which of following best describes the increase in equity expands___________?

36 / 50

Total depreciation of an asset cannot exceed its:

37 / 50

Building account is classified as _________ account?

38 / 50

Which of the following accounts will be credited if a company purchases building for cash?

39 / 50

The real accounts are accounts of Assets, liabilities and ___________?

40 / 50

Payment of expenses will ______ the assets

41 / 50

Which of the following is a real account?

42 / 50

Revenue and expense accounts are referred as______________?

43 / 50

If the total liabilities of a business decrease by $5000 what will be the effect on total asset?

44 / 50

Office equipments account is classified as _________ account?

45 / 50

An increase in provision for bad debt will____________?

46 / 50

Which of the following accounts will be debited if the business?s owner withdraws cash from business for his personal use?

47 / 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?

48 / 50

Cash received for services rendered will______________?

49 / 50

Capital of a business decreases if there is an increase in___________?

50 / 50

If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?

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