Accounting Equation MCQ & Quiz
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 +................
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
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__________________ .