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  • Assets and Liabilities of a business are Rs. 75,500 and Rs. 40,200 respectively. What will be the amount of Owner’s Equity?

  • Rs. 35,300

  • Rs. 75,500

  • Rs. 115,700

  • Rs. 125,000

  • What is the proper order of the following steps in the accounting process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger accounts

  • III. IV. I. II.

  • I. II. III. IV.

  • III. II. IV. I.

  • III. II. I. IV

  • Which of the following is NOT correct?

  • Decrease in Assets will be credited

  • Decrease in Liabilities will be credited

  • Decrease in Expenses will be credited

  • Decrease in Revenue will be debited

  • An accounting system is used by a business to:

  • Analyze transactions

  • Handle routine bookkeeping tasks

  • Structure information

  • All of the given options

  • At the end of accounting period a list of all ledger balances is prepared. This list is called _____________.

  • Journal

  • Ledger

  • Cash Book

  • Trial Balanc

  • Select the most suitable equation which properly represents the derivation of fundamental Accounting Equation.

  • Assets = Owner’s Equity

  • Assets + Liabilities = Owner’s Equity

  • Cash = Assets

  • Assets – Liabilities = Owner’s Equity

  • ABC & Co. received dividend on shares. Which of the following accounts would be affected from this transaction? I) Assets II) Liabilities III) Expenses IV) Revenues

  • I and IV

  • I and II

  • II and III

  • I and III

  • Which of the following is/are a characteristic(s) of Journal?

  • Transactions are recorded in chronological order

  • Transaction is first recorded in Journal from Voucher

  • It is also called “The original book of entry”

  • All of the given options

  • Machinery purchased on Credit for Rs. 15,000 will have an effect on which of the following accounts?

  • Purchases Account & Accounts Payable Account

  • Machinery Account & Cash Account

  • Purchases Account & Cash Account

  • Machinery Account & Accounts Payable Account

  • Outsider’s claim against the assets of the business is called:

  • Capital

  • Liability

  • Expense

  • Income

 

Views: 144

Replies to This Discussion

1:- 

Which of the following is/are a characteristic(s) of Journal?
Transactions are recorded in chronological order
Transaction is first recorded in Journal from Voucher
It is also called “The original book of entry” 
All
2:- 
The suppliers account will fall under which of the following classification of account:
Assets
Expenses
Revenues
Liabilities
3:- 
Cash received from sale is recorded in cash register only is an example of which of following?
Accrual Accounting
Double Entry Book Keeping
Commercial Accounting
Single Entry Book Keeping
4:- 
ABC & Co. received dividend on shares. Which of the following accounts would be affected from this transaction?

I)   Assets      II) Liabilities      
III) Expenses IV) Revenues
I and IV
I and II
II and III
I and III
5:- 
Any expense that becomes a source of income generation for a long time period is called __________
Capital Expense
Revenue Expense 
Revenue Receipt 
Capital Receipt

6:- Which of the following is Not an Asset Account?

7:- Any expense that becomes a source of income generation for a long time period is called __________

8:- Increase in an expense is recorded on the:

9:- Find out the missing value of an Accounting Equation with the help of given data: Owner’s equity Rs. 22,500 Total Liabilities Rs. 80, 385 Cash Rs. 1,000 Bank Rs. 2,000 Debtors Rs. 500

10:- The main purpose of ___________ is to ascertain true result of the business operations during a particular period of time.

Note:-

Answers are not conform plz check yourself

1:- 

Partial Payment of loan from bank is made Rs. 50,000. The effects of this transaction are:
Decrease in Asset Increase in Asset
Decrease in Liability   Increase in Asset
Decrease in Liability   Decrease in Asset
Decrease in Liability Increase in Expense
2:- 
Which of the following account will be DEBITED when we acquire building on Cash of Rs. 500,000?
Cash Account
Building Account
Bank Account
capital account
3:- 
Which of the following is / are the particular/s of a cash book?
(1) Date of transaction
(2) Account title 
(3) Amount 
1 only 
1 & 2 only 
1 & 3 only 
1,2 & 3 
4:- 
Commercial Accounting is done through a system that is known as:
Single entry system
Credit system
Double entry system
Cash system
5:- 
The Sales Returns Day Book would include:
Goods bought on credit
Fixed Assets bought that are inappropriate for business
Stock that customers have returned 
Goods bought on credit that are returned to the original supplier
6:- 
As per flow of transaction, which of the following comes next to P&L Account?
Balance Sheet
Trial Balance 
General ledgers
Income Statement
7:- 
Which group of accounts is DEBIT when it is increased? 
Asset & Liability
Assets & Expenses
Assets and Income
Income and Liability
8:- 
Which of the following is NOT a characteristic of Joint Stock Company?
Separate Legal Entity
Limited Liability of Shareholders
Easy Formation
Common Seal
9:- 
Transactions are recorded in General Journal in ________________________.
Chronological order
Casual order
Random order
Haphazard order
10:- 
When income is reduced or decreased, that amount is recorded on:
Right or debit side of the account
Left or debit side of the account 
Left or credit side of the account
Right or credit side of the account
Which of the following is NOT a stage of transaction processing?
Recording
Budgeting
Summarizing
Interpreting
Any Written evidence in support of a business transaction is called as ___________:
Cash memo
Receipt
Voucher
All
The investment of Rs. 10,000 made by the owner in business will have an effect on which of the following accounts?
Cash Account & Capital Account
Cash Account & Expense Account
Capital Account & Revenue Account
Capital Account & Expense Account
The inventory account will fall under which of the following classification of account:
Assets
Expenses
Revenues
Expenses
Which of the following is NOT correct?
Decrease in Assets will be credited
Decrease in Liabilities will be debited
Decrease in Expenses will be debited
Decrease in Revenue will be debited
In an account  if credit side > debit side, the balance is known as:
   Credit Balance.   
The proper classification and normal balance of accounts receivables account is:
asseest
Liabilties
revenues
Expenses
A book that keeps separate record for each account is known as:
Trial Balance 
Voucher
General Journal
General Ledger
Which of the following is Not an Asset Account?
Plant & Machinery
Loan to XYZ co.
Cash at Bank
Loan from ABC co.
Very helpfull.

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