Collection of account receivable will
A. Increase assets and decrease assets
B. Increase assets and decrease liabilities
C. Increase assets and increase capital
D. Increase assets and increase cash
Collection of account receivable will Read More »
Accounting MCQs / Q&ANet income equal to Revenues minus____________?
A. Gains
B. Depreciation
C. Expenses
D. Capital expenditures
Net income equal to Revenues minus____________? Read More »
Accounting MCQs / Q&AIf the business’s owner withdraws cash for his/her personal use what will be the effect on capital?
A. Increase in capital
B. Remain the same
C. Decrease in capital
D. No effect on capital
(assuming the amount of capital remain same)
Capital of a business decreases if there is an increase in___________?
A. Drawings
B. Income
C. Gains
D. Fresh capital
Capital of a business decreases if there is an increase in___________? Read More »
Accounting MCQs / Q&ACapital increases if _________ increases?
A. Expenses
B. Drawings
C. Interest on capital
D. Revenue
Capital increases if _________ increases? Read More »
Accounting MCQs / Q&ACalculate 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
A. $4000
B. $6000
C. $7000
D. $3000
Find out the value of assets if: Liabilities=$5000 and Capital=$1000 Read More »
Accounting MCQs / Q&AThe Basic accounting equation is___________?
A. Asset=Expense +Income
B. Assets=Cash+Capital
C. Assets=Capital+Liabilities
D. Assets=Expenses+Capital
The Basic accounting equation is___________? Read More »
Accounting MCQs / Q&A A. Balance c/d
B. Balance b/d
C. Balance e/d
D. Balance f/c
Which of the following is the closing balance of a ledger account? Read More »
Accounting MCQs / Q&A, Ledger