WorksheetsNature of Accounts & Rules of Debit & Credit
Total questions: 14
Worksheet time: 7mins
Personal accounts are related to-
Assets & Liabilities
Expenses, losses, incomes
Customers, Creditors
None of these
Real accounts are related to-
Assets
Expenses, losses, incomes
Customers and creditors
None of these
Nominal accounts are related to-
Assets & liabilities
Expenses, losses and incomes
Customers and Creditors
None of these
The basic rule of book-keeping, Debit the receiver and Credit the giver is applicable to-
Personal accounts
Real accounts
Nominal accounts
None of these
Accounts which keep records of expenses, gain and losses are called: (2018)
Personal Accounts
Nominal Accounts
Real Accounts
Increase in asset will be-
Debit
Credit
Decrease in asset will be-
Debit
Credit
The decrease in owner's equity account will be-
Debit
Credit
None of these
The increase in expenses and losses will be-
Debit
Credit
None of these
Mr. Tanoli started business with cash, His capital account will be_______ and cash account will be_______
Credit, Debit
Debit, Credit
None of these
Purchased furniture for cash, furniture will be_________ and cash will be_________
Debit, Credit
Credit, Debit
None of these
Paid rent, Rent account will be______ and Cash account will be_______
Credit, Debit
Debit, Credit
According to American approach, 'credit should increase in: (2019)
Revenue, Liabilities and Capital
Expenses, Capital and Liabilities
Assets, Capital and Liabilities
Assets and Expenses
Credit the increase in: (2015)
Assets, Expenses
Assets, Capital and Liabilities
Revenue, Capital and Liabilities
Expenses, Capital and Liabilities
