
BASIC ACCOUNTING TERMS
Authored by naman.sharma9 apple_user
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11th Grade
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is correct accounting equation?
Assets = liabilities - capital
Assets = liabilities + capital
Assets + capital = liabilities
Capital = Assets + liabilities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a company’s assets increased by ₹10000 and its laibilities increased by ₹4000 then by how much owners capital will be changed ??
Decrease by ₹6000
Increase by ₹6000
Increase by ₹10,000
Decrease by ₹4000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following transactions will increase the owners capital ?
Taking loan from bank
Purchasing equipment with cash
Owner investing additional capital in business
Paying off a creditor
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is not an asset ?
Accounts receiveable
Inventory
Accounts payable
Cash
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which financial statement is based on accounting equations?
Income statement
Balance sheet
Statement of cash flow
Statement of retained earnings
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would not affect the accounting equation ?
Providing services on account
Purchasing supplies for cash
Owner withdrawing cash for personal use
Declaring a dividend
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a business purchases $2,000 worth of inventory on credit, what is the effect on the accounting equation?
Assets increase by $2,000 and liabilities increase by $2,000
Assets increase by $2,000 and owner's equity increases by $2,000
Liabilities increase by $2,000 and owner's equity decreases by $2,000
Assets increase by $2,000 and liabilities decrease by $2,000
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