Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

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

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

4. 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 ?

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

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

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

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

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

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

11. Normally single entry book keeping is followed by the

12. Total assets – Total liabilities =?

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

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

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