Financial AccountingExercise-Accounting Equation and Double Entry Accounting

1. What should be debited, if Sales made to Mr. Jamed for cash?

2. Consider the following data:
Assets $ __________ Owner’s equity 35,000 Liabilities 90,000

3. When total liabilities are subtracted from total assets the remaining amount is known as

4. What will be debited, if business sold goods for $10, 000 on credit?

5. An expenditure whose benefit is finished or enjoyed immediately is called

6. What will be debited, if business purchased Vehicle on cash?

7. Normally single entry book keeping is followed by the

8. Which of the following is the example of current liability?

9. Which one of the following will result in increase in revenues?

10. What will be debited, if Mohsin commenced business with cash?

11. What should be debited, if Sales made for cash?

12. What should be credited, if rent paid in cash?

13. Consider the following data:
Assets $ 99,500 Owner’s equity $ 50,500, Liabilities $_______________

14. Any expense that gives benefit for a period of less than twelve months is called ________.

15. Which of the following is NOT correct?