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Introduction to Accounting

Authored by Sandeep Singh Sikerwar

Business

University

Used 16+ times

Introduction to Accounting
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10 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following statement is incorrect?

Assets - Capital = Liabilities

Liabilities + Capital= Assets

Liabilities + Assets = Capital

Assets - Liabilities = Capital

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is not an asset?

Buildings

Cash Balance

Debtors

Loan from K. Abdul

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following is a liability?

Machinery

Creditors for goods

Motor vehicles

cash at bank

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which of the following statements is correct?

We paid a creditor by cheque ( - Bank - Accounts payable)

A debtor paid us £90 in cash (+ Cash + Accounts receivable)

J. Hall lends us £500 by cheque (+ Bank - Loan from Hall)

Bought goods on time (+ Inventory + Capital)

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Given the following, what is the amount of Capital? Assets: Premises £20,000; Inventory £8,500; Cash £100. Liabilities: Accounts payable £3,000; Loan from A. Adams £4,000.

£21,100

£21,600

£32,400

£21,400

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which of the following is correct?

(I) and (II) only

(I), (II) and (III) only

(II), (III) and (IV) only

(I), (II) and (IV) only

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What is the balance on the following account on 31 May 2017?

A credit balance of £395

A debit balance of £380

A debit balance of £395

There is a nil balance on the account

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