NEW
Font size
WorksheetsBasic Accounting
Total questions: 10
Worksheet time: 5mins
Steve sold goods to Lee. Lee promises to pay the full amount two months after the date of sale. What type of transaction is this from Lee’s point of view?
Cash sale
Cash purchase
Credit sale
Credit purchase
A debit entry denotes:
Increase in equity
Decrease in expenses
Increase in income
Increase in assets
Which of the following is a capital expenditure?
Wages paid to the machine operator.
Expense on electric power used to run the machine.
Rent of the premise where the machine is placed.
Carriage paid on the purchase of a machine.
It is the art of analyzing financial transactions and economic events, recording them, classifying them into accounts, summarizing them, reporting, and interpreting the results.
Bookkeeping
Journalizing
Accounting
Auditing
Mr. Moonrise started a business for buying and selling of stationery with ₹5,00,000 as an initial investment. Of which he paid ₹1,00,000 for furniture, ₹2,00,000 for buying stationery items. The amount of capital will be
₹2,00,000
₹5,00,000
₹1,00,000
₹3,00,000
