WorksheetsAccounting 11 Chap 1 and 3
Total questions: 54
Worksheet time: 27mins
When there is no question of meeting the value of a transaction, it will be known as:
Cash Transaction
Credit Transaction
Paper Transaction
None of these
If there is no change in total value of assets and liabilities of a business concern it will be considered as:
Qualitative change
Quantitative change
Monetary change
Economic change
According to accounting equation capital is equal to:
Assets + Liabilities
Expenses - Income
Liabilities - Assets
Assets - Liabilities
Expenses paid by a business decrease:
Cash
Capital
Cash & Capital
None of these
Every transaction affects:
One item
Two items
Four items
So many items
A person who owes money to a business is known as a:
Creditor
Debtor
Investor
Solvent
If furniture purchased on credit basis, it will be:
Increase in assets and increase in capital
Increase in assets and increases in expenses
Increase in assets and increase in equity
Increase in assets and increase in liabilities
Resources owned by the business
Assets
Liabilities
Capital
Profit
Furniture purchased for domestic use:
Increase in assets and increase in expenses
Increase in expenses and increase in liabilities
Decrease in capital and decrease in assets
Increase in assets and decrease in assets.
When cash is paid to creditors, it will decrease.
Cash
Capital
Debtor
None of these
Claims against assets owned by business are called:
Assets
Liabilities
Capital
Equities
A transaction taking place with an outside person or organization is called:
Internal Transaction
External Transaction
Paper Transaction.
None of these
Cash received from debtors, it will be:
Increase in liabilities and decrease in assets.
Increase in assets and decrease in Revenue.
Increase in assets and decrease in assets.
None of above.
The accounting equation represents:
Resources in the business are equal to the sources of business
Resources are allocated at cost price
Resources in the business are not equal to the sources of business
Owner's give money for business.
The excess of assets over liabilities is called:
Profit
Income
Capital
Equities
Sold goods costing Rs.1500 for Rs. 1750 will increase the owner's equity by Rs.:
250
1500
1750
3250
Purchased goods on credit and for cash will affect:
Cash and goods
Cash and creditors
Cash, creditors and owner's equity
Cash, goods and creditors
Received cash from Azhar will affect:
Cash and owner's equity
Cash and creditors
Cash and debtors
Cash and goods.
Cash paid to Nadeem will affect:
Cash and owner's equity
Cash and creditors
Cash and debtors
Cash and goods.
All events, which are related to business, are measured in:
Kilograms
Money
Quality
Quantity
The rights possessed by the owner against the assets of the business are called.
Assets
Liabilities
Owner's Equity
Owner
All debts which are payable by a business to its investors and others are known as:
Capital
Equities
Expenses
Liabilities
The best system of accounting in the modern world is:
Single entry system
Double entry system
Multiple entry system
No entry system.
Discount allowed is:
An asset
A revenue
A liability
An expense
Accounts. which keep records of properties or things are called:
Personal accounts
Nominal accounts
Real accounts.
None of these
Accounts which keep records of expenses, gains and losses are called:
Personal accounts
Nominal accounts
Real accounts
None of these
Purchase of furniture should be debited to:
Purchase account
Creditors account
Furniture account
Cash account
Rent, salaries and wages paid are:
Nominal accounts
Real accounts
Personal accounts
None of these
The claim of the supplier in the business is called:
Revenue
Liability
Expense
Asset
Ahmed, s account is an example of:
Personal account
Real account
Nominal account
None of these
How many categories of accounts are:
Two
Three
Four
Five
Goods purchased for cash from Babar should be debited to:
Babar account
Goods account
Purchases account
Cash account
Stationery account is an example of:
Expense
Loss
Consumable asset
None of these
Discount received from Ali should be debited to:
Discount received account
Cash account
Ali account
None of these.
Cash invested in business by owner will increase:
Cash
Capital
Liability
Both a, b
Discount allowed to Ahmed will be credited to:
Ahmed, s account
Discount allowed account
Cash account
None of these
Cash and personal accounts are maintained in:
Single entry system
Double entry system
Multiple entry system
None of these
Real and Nominal accounts are maintained under:
Single entry system
Double entry system
Triple entry system
Multiple entry system
Rent paid to landlord for a portion of building will be debited to:
Landlord account
Building account
Rent account
Cash account
Purchased goods on credit increases the:
Creditors
Debtors
Customer
None of these
Purchased furniture on account will be credited to:
Purchased account
Furniture account
Cash account
Creditor account
All expenses and losses should be debited and all gains should be credited is applied to:
Personal Accounts
Real Accounts
Nominal Accounts
None of these
Assets coming in should be debited and going out should be credited is applied to:
Personal Accounts
Real Accounts
Nominal Accounts
a and b
A person who receives the benefit should be debited and who gives the benefit should be credited is applied to:
Personal Accounts
Real Accounts
Nominal Accounts
b and c
Debit the increase in:
Assets, Expenses
Assets, Revenue
Assets, Liabilities
Assets, Capital
Credit the increase in:
Assets, Expenses
Assets, Capital and Liabilities
Revenue, Capital and Liabilities
Expenses, Capital and Liabilities
Debit the decrease in:
Assets, Expenses
Revenue, Capital and Liabilities
Assets, Capital and Liabilities
Expenses, Capital and Liabilities
Credit the decrease in:
Revenue and Liabilities
Expenses and Liabilities
Assets and Liabilities
Asset and Expenses
Sold merchandises on Credit to Ali Rs.7000 involves:
Nominal and Real accounts
Real and Personal accounts
Nominal and Personal accounts
Real and Real accounts
Invested Rs.2, 00, 000 Cash, Building Rs.: 75000 and Furniture Rs.25000 involves:
Real and Personal accounts
Real and Nominal accounts
Personal and Nominal accounts
Real accounts
Purchased Goods for Cash Rs.50000 subject to 10% trade discount involves:
Real and Personal accounts
Real and Nominal accounts
Personal and Nominal accounts
Nominal accounts
Withdrew cash for personal use Rs.300 involves:
Real and Proprietorship account
Proprietorship and Personal accounts
Real and Nominal account
Nominal and Personal accounts
Discount received is a:
Asset
Revenue
Liability
Expense
A summary of transactions relating to a person or thing:
Accounting
Book-keeping
Account
Accountancy
