ACCOUNTING EQUATIONS

Assets= Capital+--------------.

Accounting equations is prepared as per ---------------concept.

Account is having --------------shape.

Outstanding Rent is ........

• Liability

• Asset

• Expense

• Income

Accrued Commission is...

• Income

• Asset

• Liability

• Expense

Salary received in advance is ......

• Asset

• Expense

• Income

• Liability

Prepaid wages is ......

• Liability

• Asset

• Income

• Expense

What account is used when we pay rent in advance for an office building?

• Rent Expense

• Prepaid Rent

• Rent Payable

• Rent Revenue

The accounting equation is Assets + Liabilities = Capital. True of False?

• True

• False

The accounting equation is Assets - Liabilities = Owner's Equity (Capital). True of False?

• True

• False