Accounting Equation MCQ & Quiz

  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 minus liability is
  13. If assets are Rs 8000 and capital is Rs 6000, liabilities will be
  14. The accounting equation represents
Accounting Equation MCQ

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.

  • Single Entry System
  • Dual asept Concept
  • Double Entry System
  • Costing Measurement System
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  • Luca Pascoli
  • Pineer Peggler
  • Jeromee Lee
  • Eugeue F. Fama
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  • Profit
  • Losses
  • Expenses
  • Revenue
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  • Practicability
  • Subjectivity
  • Conveniences in recodings
  • All of the above
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  • Two Kinds
  • Three Kinds
  • Four Kinds
  • Five Kinds
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  • Health of director of company
  • Quality of company good"s
  • Value of Plant Machinery
  • All of the above
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  • Realization concept
  • Going concern concept
  • Business Entity Concept
  • None of the above
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  • Profit
  • Working Capital
  • Capital
  • Long term Liability
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  • Resource are allocated at Cost Price
  • Owner"s Gives money for business
  • Resource in the business are equal to source of business
  • Resource in the business are not equal to the source of business
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  • Cash and Good
  • Cash Good and Creditor
  • Cash and Creditor
  • Cash Creditor and Owner's Equity
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  • Cost and Income for managers
  • Company"s tax and liabilities for a particular year
  • Financial conditions of an Institute
  • All of above
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  • Current Asset
  • Fixed Asset
  • Intangible Asset
  • Investment
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  • Owner"s equity=Contributed capital+Retained Earnings
  • Retained Earnings= Net income-Dividends
  • Net Income=income - Expense
  • All of the above
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  • Trial Balance
  • Cost Sheet
  • Final Account
  • Balance Sheet
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  • Trading Accounting
  • Trial Balance
  • Profit & loss statement
  • Balance Sheet
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  • Daily
  • Weekly
  • Monthly
  • Annually
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  • Share
  • Bond
  • Equity
  • Reserve
  • Sale Budget
  • Production Budget
  • Material Budget
  • All of the above
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  • Added to liability
  • Subtract from current asset
  • Subtract from Capital
  • Subtract from liability
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  • Every Year
  • Every Half Year
  • Quarterly
  • A the end of every account period
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  • Nothing
  • Discounting
  • Acceptance
  • None of the above
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  • Periodicity concept
  • Business entity Concept
  • Accrual concept
  • None of the above
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  • In profit&loss accounting
  • In profit & loss appropriation account
  • On the asset side of the balance sheet
  • In trading account
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  • The Going concern concept
  • The Separate Entity
  • The Prudence concept
  • Matching concept
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  • Income Statement
  • Balance sheet
  • Cash flow statement
  • Statement of Stockholder"s Equity
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  • Asset
  • Liability
  • Revenue
  • Stockholder"s Equity
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  • Asset
  • Liability
  • Revenue
  • Stockholder"s Equity
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  • General Journal
  • General Ledger
  • T-Account
  • Ledger Account
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  • Fixed cost
  • Variable cost
  • Semi Variable cost
  • None of these above
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  • Added to salary while preparing P&l a/c
  • None of these
  • Shown in liability side of balance sheet under current liability
  • A&b Above
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  • Asset side of B&S
  • Liability side of B&s
  • P&L account
  • None of the above
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  • Accounting Concept
  • Accounting conventions
  • Accounting standard
  • Accounting Concept & Accounting conventions
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  • Cash
  • Cash and capital
  • Capital
  • none of the mentioned
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