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MCQs 1: Which of the following accounting equation is correct?

Cash+Other assets=Capital-Liabilities Capital+ Liabilities=Assets+Income Assets-Liabilities=Capital Assets+Capital=Liabilities
Answer Explanation

MCQs 2: Fresh capital introduction will increase____________?

Assets and liabilities Assets and equity Liabilities and equity and bank balance Capital and liabilities
Answer Explanation

MCQs 3: Cash received for services rendered will______________?

Increase cash and liability Increase equity and liability Increase fixed assets and cash Increase cash and equity
Answer Explanation

MCQs 4: Which of following best describes the increase in equity expands___________?

Business operations cash outflows Inflows of cash Appropriation expenses
Answer Explanation

MCQs 5: If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000
What is the Amount of total assets?

$5000 $10,000 $15,000 $20,000
Answer Explanation

MCQs 6: Depreciation decreases____________?

Liabilities Cash Bank Capital
Answer Explanation

MCQs 7: An increase in provision for bad debt will____________?

Decrease net income Decrease liabilities Increase net income Increase liabilities
Answer Explanation

MCQs 8: Current assets – Current liabilities=?

Capital Absorbed capital Net assets Net working capital
Answer Explanation

MCQs 9: Assets-Liabilities=____________?

Cash Equity Net income Net expenses
Answer Explanation

MCQs 10: The process of recording is done?

Two times a year once a year Frequently during the accounting period At the end of a accounting period
Answer Explanation

MCQs 11: General journal is a book of _______ entries?

First Original Secondary Generic
Answer Explanation

MCQs 12: The process of recording transactions in different journals is called_________?

Posting Entry making Adjusting Journalizing
Answer Explanation

MCQs 13: Every business transaction affects at least ________ accounts?

One Two Three Infinite
Answer Explanation

MCQs 14: Discount allowed is a kind of deduction from_____________?

Account payable Account receivable Cash account Discount account
Answer Explanation

MCQs 15: The other name of journal is____________?

Ledger T account Day book Cash book
Answer Explanation

MCQs 16: A journal entry in which two or more account is debited or credited is referred as____________?

Journal entry Multi entry Additional entry Compound entry
Answer Explanation

MCQs 17: 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?

2,10 10,2 10,30 3,15
Answer Explanation

MCQs 18: Goods returned by customer should be debited to which of the following accounts?

Sales income account Sales account Return inward account Expenses account
Answer Explanation

MCQs 19: Discount allowed is___________?

Expense of business Income of business Loss of business Abnormal loss of business
Answer Explanation

MCQs 20: _________ is the evidence that a transaction took place?

Source documents Ledger Bonds Journals
Answer Explanation

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