Accounting Mcqs

Page No. 59

The process of recording transactions in different journals is called_________?


aPosting

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bEntry making

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cAdjusting

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dJournalizing

✓


View Answer Journalizing

General journal is a book of _______ entries?


aFirst

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bOriginal

✓


cSecondary

✖


dGeneric

✖


View Answer Original

The process of recording is done?


aTwo times a year

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bonce a year

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cFrequently during the accounting period

✓


dAt the end of a accounting period

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Assets-Liabilities=____________?


aCash

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bEquity

✓


cNet income

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dNet expenses

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View Answer Equity

Current assets – Current liabilities=?


aCapital

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bAbsorbed capital

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cNet assets

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dNet working capital

✓


View Answer Net working capital

An increase in provision for bad debt will____________?


aDecrease net income

✓


bDecrease liabilities

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cIncrease net income

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dIncrease liabilities

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View Answer Decrease net income

Depreciation decreases____________?


aLiabilities

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bCash

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cBank

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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

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c$15,000

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d$20,000

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View Answer $5000

Which of following best describes the increase in equity expands___________?


aBusiness operations

✓


bcash outflows

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cInflows of cash

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dAppropriation expenses

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View Answer Business operations

Cash received for services rendered will______________?


aIncrease cash and liability

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bIncrease equity and liability

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cIncrease fixed assets and cash

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dIncrease cash and equity

✓



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