Accounting Mcqs

Page No. 59

The process of recording transactions in different journals is called_________?


aPosting


bEntry making


cAdjusting


dJournalizing


View Answer Journalizing

General journal is a book of _______ entries?


aFirst


bOriginal


cSecondary


dGeneric


View Answer Original

The process of recording is done?


aTwo times a year


bonce a year


cFrequently during the accounting period


dAt the end of a accounting period



Assets-Liabilities=____________?


aCash


bEquity


cNet income


dNet expenses


View Answer Equity

Current assets – Current liabilities=?


aCapital


bAbsorbed capital


cNet assets


dNet working capital


View Answer Net working capital

An increase in provision for bad debt will____________?


aDecrease net income


bDecrease liabilities


cIncrease net income


dIncrease liabilities


View Answer Decrease net income

Depreciation decreases____________?


aLiabilities


bCash


cBank


dCapital


View Answer Capital

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


a$5000


b$10,000


c$15,000


d$20,000


View Answer $5000

Which of following best describes the increase in equity expands___________?


aBusiness operations


bcash outflows


cInflows of cash


dAppropriation expenses


View Answer Business operations

Cash received for services rendered will______________?


aIncrease cash and liability


bIncrease equity and liability


cIncrease fixed assets and cash


dIncrease cash and equity



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