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WorksheetsACCOUNTING EQUATIONS
Total questions: 15
Worksheet time: 15mins
Assets= Capital+--------------.
(a)
Accounting equations is prepared as per ---------------concept.
(a)
Account is having --------------shape.
(a)
Outstanding Rent is ........
Liability
Asset
Expense
Income
Accrued Commission is...
Income
Asset
Liability
Expense
Salary received in advance is ......
Asset
Expense
Income
Liability
Prepaid wages is ......
Liability
Asset
Income
Expense
What account is used when we pay rent in advance for an office building?
Rent Expense
Prepaid Rent
Rent Payable
Rent Revenue
The accounting equation is Assets + Liabilities = Capital. True of False?
True
False
The accounting equation is Assets - Liabilities = Owner's Equity (Capital). True of False?
True
False
The accounting equation is Assets = Liabilities + Owner's Equity (Capital). True of False?
True
False
Every Transaction must balance.
True
False
May be
Financial records should be maintained in a "permanent" form; that is, written in ink or recorded on a computer.
True
False
If $ 70 is recorded as debit entry to an account,, a credit entry of $ 70 must be recorded to another account, which ensures every transaction is balanced, this is called:
Simple entry
General Journal
Double entry-system
No Entry
Double entries implies that
Recording entries in journal
Recording entries in ledger account
Recording two aspects of every transactions
Recording every transaction in books
