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Recording of Tr...

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  • Question 1
    1 / -0

    Which of the following accounting equation is correct?

  • Question 2
    1 / -0

    Nominal accounts are related to ___________.

  • Question 3
    1 / -0

    Which of the following accounts will not show a Debit balance?

  • Question 4
    1 / -0

    Cash purchases ________________.

  • Question 5
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    If the total of debit side of an account exceeds the total of its credit side, it indicates ______________.

  • Question 6
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    Match List I with List II and select the correct answer using the codes given below the lists:

    List IList II
    (Types of accounts)(Principles)
    A. Real Accounts1.  Debit the receiver
        Credit the giver
    B. Nominal Accounts2. Debit what comes in Credit what goes out
    C. Personal Accounts3. Debit all expenses and losses
        Credit all gains and incomes

  • Question 7
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    Suppose P start a business with $$Rs. 50,000$$ cash and then buys furniture from F.F. Co. on credit for $$Rs. 2,000$$. Now, the accounting equation
    $$Assets = Capital + Liabilities$$ will be __________________.

  • Question 8
    1 / -0

    If the goods purchases are in transit, then the journal entry to record will be _______________.

  • Question 9
    1 / -0

    Owner's equity (Capital) stands for ______________.

  • Question 10
    1 / -0

    The installation expenses for a new machinery will be debited to __________________.

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