Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

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

3. Which of the following is NOT correct?

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

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

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

7. Total assets – Total liabilities =?

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

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

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

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

12. Normally single entry book keeping is followed by the

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

14. 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 ?

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