Worksheetsprinciples of accountancy
Total questions: 10
Worksheet time: 5mins
Assets=Liabilities-Owner's Equity is the accounting equation
TRUE
FALSE
Consignment account is a
Personal Account
Nominal Account
Real Account
None of the above
Purchase Book is used to record
All purchases
Only cash purchases
Only credit purchases
None of the above
Receipts and Payments Account is a
Nominal Account
Real Account
Personal Account
None of the above
Which of these errors does not affect agreement of Trial Balance?
Errors of principle.
Complete omission in subsidiary books.
Compensating errors.
All the three
Accounts receivables includes
Sundry debtors
Bill receivables
Promissory notes
All of the above
Unearned income account is a _______
Asset
Liability
Expenses
Revenue
Debit balance as per bank pass book means
Surplus cash
Bank Overdraft.
Term deposits with bank.
None of these.
Which of the following accounts may have a debit or credit balance?
Discount Received Account
Sales Account
Trade Expenses Account
Loan Account
The basic rule of book-keeping, “debit the receiver and credit the giver” is applicable to
Nominal Accounts
Real Accounts
Personal Accounts
Purchase Accounts
