Accounting Mcqs

Page No. 61

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


a$6000


b$10,000


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


bAssets=Cash+Capital


cAssets=Capital+Liabilities


dAssets=Expenses+Capital



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


aBalance c/d


bBalance b/d


cBalance e/d


dBalance f/c


View Answer Balance c/d

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


aNominal accounts


bBalance sheet accounts


cReal accounts


dNone of them



Which of the following is a real account?


aOffice equipment


bRent expenses


cRent income


dInsurance expense


View Answer Office equipment

___________ helps business to classify transactions according to their nature?


aGeneral journal


bReal accounts


cLedger accounts


dCash accounts


View Answer Ledger accounts

Office equipments account is classified as _________ account?


aNominal


bReal


cCash


dCapital


View Answer Real

Building account is classified as _________ account?


aNominal


bReal


cCash


dCapital


View Answer Real

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


aExpenses


bRevenues


cCapital


dDrawing


View Answer Capital

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