TasDia Network
TasDia Network

MCQs 1: Which of the following is the normal balance of a rent expense account?

Credit balance Cash balance Overdraft Debit balance
Answer Explanation

MCQs 2: Revenue and expense accounts are referred as______________?

Nominal accounts Real account Cash accounts Banks account
Answer Explanation

MCQs 3: The real accounts are accounts of Assets, liabilities and ___________?

Expenses Revenues Capital Drawing
Answer Explanation

MCQs 4: Building account is classified as _________ account?

Nominal Real Cash Capital
Answer Explanation

MCQs 5: Office equipments account is classified as _________ account?

Nominal Real Cash Capital
Answer Explanation

MCQs 6: ___________ helps business to classify transactions according to their nature?

General journal Real accounts Ledger accounts Cash accounts
Answer Explanation

MCQs 7: Which of the following is a real account?

Office equipment Rent expenses Rent income Insurance expense
Answer Explanation

MCQs 8: Which of the following accounts are closed at the end of an accounting period?

Nominal accounts Balance sheet accounts Real accounts None of them
Answer Explanation

MCQs 9: Which of the following is the closing balance of a ledger account?

Balance c/d Balance b/d Balance e/d Balance f/c
Answer Explanation

MCQs 10: The Basic accounting equation is___________?

Asset=Expense +Income Assets=Cash+Capital Assets=Capital+Liabilities Assets=Expenses+Capital
Answer Explanation

MCQs 11: Find out the value of assets if: Liabilities=$5000 and Capital=$1000

$4000 $6000 $7000 $3000
Answer Explanation

MCQs 12: Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000

$6000 $10,000 $5000 $1000
Answer Explanation

MCQs 13: Capital increases if _________ increases?

Expenses Drawings Interest on capital Revenue
Answer Explanation

MCQs 14: Capital of a business decreases if there is an increase in___________?

Drawings Income Gains Fresh capital
Answer Explanation

MCQs 15: If the total liabilities of a business decrease by $5000 what will be the effect on total asset?
(assuming the amount of capital remain same)

Remain constant Decrease by $5000 Increase by $5000 Increase by $10,000
Answer Explanation

MCQs 16: If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?

Increase in capital Remain the same Decrease in capital No effect on capital
Answer Explanation

MCQs 17: Net income equal to Revenues minus____________?

Gains Depreciation Expenses Capital expenditures
Answer Explanation

MCQs 18: Collection of account receivable will

Increase assets and decrease assets Increase assets and decrease liabilities Increase assets and increase capital Increase assets and increase cash
Answer Explanation

MCQs 19: Payment of expenses will ______ the assets

Increase Reduce apportion Overstate
Answer Explanation

MCQs 20: Which of the following is the practical implementation of the accounting equation?

Cash flow statement Income statement Statement of changes in equity Statement of financial position
Answer Explanation

Related Topics

About Us | Contact Us | Privacy Policy
ABOUT US
Category
Who We Are

TasDia Network, this platform not only provides you the best educational stuff but besides this, we are creating thousands of new ideas to making your signature and planning much more on a single platform.

© 2020-2023, TasDia Network

All rights of the publication are reserved by tasdia.com.