Accounting Equation MCQ & Quiz

Last Updated: Apr 09, 2022,

Posted in Interview Questions,

42 Questions

Accounting Equation MCQ Quiz & Online Test: Below is few Accounting Equation MCQ test that checks your basic knowledge of Accounting Equation abilities.This Accounting Equation MCQ Quiz & Online Test contains questions 40 of multiple choice with 4 options. You have to select the right answer to a question.

1. The Accounting equation is Asset = Liabilities +................

Capital
current Asset
Total Expense
Equtiy

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Accounting Equation MCQ & Quiz

Last Updated: Apr 09, 2022,

Posted in Interview Questions,

42 Questions

1. The Accounting equation is Asset = Liabilities +................

2. If the assets of a business are Rs . 100,000 and equity is Rs. 20,000, the value of liability will be

3. Accounting equation is the base of

4. Who is the Father of Double Entry System?

5. Net Income = Income - .............

6. On January 1st 2009 an entity"s balance sheet showed total asset of Rs 850 and total liabilities of Rs 250. Owners equity at January 1st was?

7. The Liabilities of a business are Rs 30,000; the capital of proprietor is Rs 70,000. The total asset are ?

8. Accounting principles are generally based on

9. Accounting principles can be classified into

10. According to the money measurement concept, the following would be recorded in the books of account of the business

11. According to this concept, It is assumed that business will exit for indefinite time period

12. Assets - liability = ?

13. If assets are Rs 8000 and capital is Rs 6000, liabilities will be

14. The accounting equation represents

15. Purchase good on credit and for cash will effect

16. Accounting provides information on

17. Patent Copyright and Trademark are

18. The equation is part of the transcation anaysis model

19. The Accounting equation shows on a Company ?

20. which of the following will cause owner"s equity increase ?

21. The assets can be convert into cash within a short period like one year or less are known as

22. The following is a statement of revenue and expenses for a specific period of a time

23. Balance sheet are prepaired

24. Debenture is also name as

25. A Master budget consist

26. The unfavorable balance of Profit & loss Should be

27. Petty Cash fund is supposed to be replenished

28. A bills of exchange when drawn requires

29. Profit & loss account is prepared for a period of one year by following

30. In which of the following interim dividend is treated

31. Using "lower of cost and net realisable value" for the purpose of inventory valuation of the implementation which of the following concept ?

32. Which Financial statement display the revenue and expense of a company for a period of time?

33. Which of these not include as a separate item in the basic accounting equation?

34. Which of these not include as a separate item in the basic accounting equation?

35. The account format that displayed debit, credits, balance, and headings?

36. Marginal cost is concern with

37. Outstanding salary as shown as

38. Trade payable are recorded in

39. The accounting principles are divide into two types. These are

40. Expenses paid by a business decrease__________________ .

41. Which of the following is not true with a double-entry accounting system?

42. Which one of the following represents the expanded basic accounting equation?

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