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 $ __________ Owner’s equity 35,000 Liabilities 90,000

3. 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 ?

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

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

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

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

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

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

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

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

12. Total assets – Total liabilities =?

13. Normally single entry book keeping is followed by the

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

15. Which of the following is NOT correct?