Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

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

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

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

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

6. Normally single entry book keeping is followed by the

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

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

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

10. Total assets – Total liabilities =?

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

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

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

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

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