Capital of a business decreases if there is an increase in___________?
Capital of a business decreases if there is an increase in___________?
A. Drawings
B. Income
C. Gains
D. Fresh capital
Accounting MCQs / Q&A
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Capital increases if _________ increases?
Capital increases if _________ increases?
A. Expenses
B. Drawings
C. Interest on capital
D. Revenue -
Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000
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 -
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
A. $4000
B. $6000
C. $7000
D. $3000 -
The Basic accounting equation is___________?
The Basic accounting equation is___________?
A. Asset=Expense +Income
B. Assets=Cash+Capital
C. Assets=Capital+Liabilities
D. Assets=Expenses+Capital -
Which of the following is the closing balance of a ledger account?
Which of the following is the closing balance of a ledger account?A. Balance c/d
B. Balance b/d
C. Balance e/d
D. Balance f/c -
Which of the following accounts are closed at the end of an accounting period?
Which of the following accounts are closed at the end of an accounting period?A. Nominal accounts
B. Balance sheet accounts
C. Real accounts
D. None of them -
Which of the following is a real account?
Which of the following is a real account?A. Office equipment
B. Rent expenses
C. Rent income
D. Insurance expense -
___________ helps business to classify transactions according to their nature?
___________ helps business to classify transactions according to their nature?A. General journal
B. Real accounts
C. Ledger accounts
D. Cash accounts -
Office equipments account is classified as _________ account?
Office equipments account is classified as _________ account?
A. Nominal
B. Real
C. Cash
D. Capital