WorksheetsAccounting Principles & Accounting Equation
Total questions: 11
Worksheet time: 6mins
Which of the following concepts, it is assumed that business will exist for an indefinite time period: (2015)
Realization concept
Going concern concept
Business entity concept
None of these
Received cash from Bilawal will affect: (2016)
Cash and creditors
Cash and stock
Cash and owner's equity
Cash and debtors
An asset is ordinarily entered on the accounting record at the price paid to acquire it. This accounting concept is called: (2017)
Matching concept
Realization concept
Cost concept
Going concern concept
Sold goods costing Rs. 1500 for Rs. 1750 will increase the owner's equity by Rs:__________(2018)
250
1500
1750
3250
Which of the following convention states "accounting practice should remain unchanged from one period to another"? (2018)
Conservatism
Materiality
Full disclosure
Consistency
Modern accounting is based on: (2019)
Cost concept
Matching concept
Going concern concept
Dual aspect concept
Which of the following statements is incorrect?
Liabilities + Assets = Capital
Assets – Liabilities = Capital
Liabilities + Capital = Assets
Assets - Capital = Liabilities
The accounting equation should remain in balance because every transaction affects how many accounts?
Only one
Only two
Two or more
All of given options
If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be?
Rs. 100,000
Rs. 80,000
Rs. 120,000
Rs. 20,000
Which of the following is not a correct form of the Accounting Equation?
Assets = Claims
Assets = Liabilities + Owner Equity
Assets – Liabilities = Owner’s Equity
Assets + Owner’s Equity = Liabilities
A business transaction affects: (2015)
At least one account
At least two accounts
Maximum two accounts
Maximum three accounts
