Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

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

3. Normally single entry book keeping is followed by the

4. What will be debited, if business bought goods on credit from Mr. Ali?

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

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

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

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

9. Which of the following is NOT correct?

10. Total assets – Total liabilities =?

11. Find out the missing value of an Accounting Equation with the help of given data:
Cash $100,000 Debtor $10, 000 Other Assets $ 1,000 Owner s equity $ 1, 000 Liabilities ?

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

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

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

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