Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

2. Total assets – Total liabilities =?

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

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

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

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

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

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

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

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

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

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

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

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

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