Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

2. Which of the following is NOT correct?

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

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

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

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

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

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

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

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

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

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

13. Total assets – Total liabilities =?

14. The IASB’s Conceptual Framework for Financial Reporting gives six qualitative characteristics of financial information. What are these six characteristics?

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