basic Accounting Test -SIP

Book keeping is ______.

• An art

• A science

• Both an art as well as science

• None of these

Where did you book cost paid bank charges?

• Debit side

• Credit side

• both

Please book transaction below: Invoice received for electricity.

• Debit Bank account/ Credit Cost

• Debit Liabilities / Credit Cost

• Debit Cost / Credit Liabilities

Assets are ₹ 120,000. Owner's Equity is ₹ 95,000. What is the Liability?

• ₹ 215,000

• ₹ 25,000

• None of the Choices

Anything of value that is owned

• Accounting

• Asset

• Liability

• Owner's Equity

An amount recorded on the right side

• T-Account

• Debit

• Credit

• Chart of Accounts

A decrease in owner's equity resulting from the operation of a business.

• withdrawal

• expense

• revenue

• investment

Assets are ₹ 50,000. Liabilities are ₹ 12,000. What is Owner's Equity?

• ₹ 38,000

• ₹ 62,000

• None of the Choices

An amount owed by a business

• Accounting

• Asset

• Liability

• Owner's Equity

What type of account is Capital?

• Asset

• Liability

• Owner's Equity