Accounting Mcqs

Page No. 61

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


a$6000

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b$10,000

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c$5000

✓


d$1000

✖


View Answer $5000

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


a$4000

✖


b$6000

✓


c$7000

✖


d$3000

✖


View Answer $6000

The Basic accounting equation is___________?


aAsset=Expense +Income

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bAssets=Cash+Capital

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cAssets=Capital+Liabilities

✓


dAssets=Expenses+Capital

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


aBalance c/d

✓


bBalance b/d

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cBalance e/d

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dBalance f/c

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View Answer Balance c/d

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


aNominal accounts

✓


bBalance sheet accounts

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cReal accounts

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dNone of them

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Which of the following is a real account?


aOffice equipment

✓


bRent expenses

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cRent income

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dInsurance expense

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View Answer Office equipment

___________ helps business to classify transactions according to their nature?


aGeneral journal

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bReal accounts

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cLedger accounts

✓


dCash accounts

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View Answer Ledger accounts

Office equipments account is classified as _________ account?


aNominal

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bReal

✓


cCash

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dCapital

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View Answer Real

Building account is classified as _________ account?


aNominal

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bReal

✓


cCash

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dCapital

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View Answer Real

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


aExpenses

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bRevenues

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cCapital

✓


dDrawing

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View Answer Capital

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