
extended accounting equation 2
Authored by muhammad azmi
Financial Education
University
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11 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Received cash investment from shareholders to start business in exchange for ordinary shares
Decrease in liabilities and increase in equity/capital
Increase in assets and increase in equity/capital
Increase in assets and decrease in equity/capital
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Paid monthly rent by cash
increase in assets (cash) and decrease in expenses (rent)
increase in assets (cash) and increase in expenses (rent)
Decrease in assets (cash) and increase in expenses (rent)
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Purchased equipment on credit from account payable
Increase in assets (equipment) and increase in liabilities (account payable)
Decrease in assets (equipment) and increase in equity (capital)
Decrease in liabilities (account payable) and increase in assets (equipment)
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Brought in personal car for the use of the business
Decrease in assets (car) and increase in liabilities (account payable)
Increases in assets (car) and decrease in equity (capital)
Increase in assets (car) and increase in equity (capital)
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Paid dividends by cheque
Decrease in assets (bank) and increase in revenue (dividend received)
Decrease in assets (bank) and increase in expenses (dividend paid)
Increase in equity (capital) and decrease in assets (bank)
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
owner took some goods for his personal use
Increase in drawings and decrease in expenses (purchases)
decrease in drawings and increase in expenses (purchases)
Decrease in liabilities and increase in equity
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
paid personal insurance by cash
debit insurance, credit cash
debit cash , credit drawing
debit drawings, credit cash
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