Financial AccountingExercise-Accounting Equation and Double Entry Accounting

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

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

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

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

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

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

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

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

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

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

11. Total assets – Total liabilities =?

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

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

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

15. 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 ?