Accounting equation

On 30 November 2020, the balances of ABC Trading are as follow:

 

Inventory   $1500

Cash in hand  ?

Capital      $900

Trade payable $1200

 

Calculate the cash in hand on 30 November 2020.

 

Cash in hand is $ (a)  

If equity is $400 and liabilities is $300, how much is asset?

(a)  

The accounting equation should remain in balance because every transaction affects how many accounts?

• Only one

• Only two

• Two or more

• All of given options

Which of the following concepts, it is assumed that business will exist for an indefinite time period: (2015)

• Realization concept

• Going concern concept

• Business entity concept

• None of these

Increases in equity from a company's sales of products or services are:

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

The description of the relation between a company's assets, liabilities, and equity, which is expressed as Assets = Liabilities + Equity, is known as the: 

• Income statement equation

• Accounting equation

• Business equation

• Return on equity ratio

• Net Income

Creditors' claims on the assets of a company are called:

• Assets

• Liabilities

• Owner's Equity

• Revenue

• Expenses

What is the missing value?

• 5,000

• 10,000

• 4,000

• 16,000

Find out value of account receivable from following Cash ₹ 48,000 account payable ₹33,000 office equipment ₹21,000 owner equity ₹77,000?

• ₹21,000

• ₹41,000

• ₹15,000

• ₹1,10,000

If the assets of a business ss are ₹100,000 and equity is ₹20,000, the value of liability will be

• ₹1,00,000

• ₹80,000

• ₹ 1,20,000

• ₹20,000