Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

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

3. Total assets – Total liabilities =?

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

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

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

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

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

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

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

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

12. Normally single entry book keeping is followed by the

13. Which of the following is NOT correct?

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

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