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Accounting Quiz 2

Welcome to your Accounting Quiz 2

Recording of transaction in the

Casting

Posting

Journalising

Recording

How many sides does an account have?

2

3

1

None of these

The rule of debit and credit as regards.......... should be debit the debtor and credit the creditor

Personal A/c

Impersonal A/c

Real A/c

Nominal A/c

Point out the correct equation

Assets= Liabilities - Capital

Assets= Liabilities + Capital

Liabilities=Assets + Capital

Capital =Assets + liabilites

Purchase mobile phone for proprietor's son will

Increase assets and decrease Capital

Increase assets and decrease liability

Decrease asset and decrease Capital

Decrease Assets and decrease Liabilities

Credit voucher is prepared for

Cash payment

Cash Receipt

Credit purchase

All of the above

Payment of salary to Mahesh the manager will

Decrease Assets and Capital

Increase Assets and Decrease Capital

Decrease assets and increase Capital

Decrease Assets and Liabilities

Recovery of bad debts previously written off

Increase assets and revenue

Decrease assets and expense

Increase asset and capital

Increase expense and assets

Goods drawn by the proprietor from the business for personal use..

Increase capital and decrease assets

Increase assets and decrease expense

Decrease capital and decreases assets

Increase and decrease assets

Interest on Drawing

Increase assets and decrease Capital

Increase expense and decrease liability

Increase and decrease capital

Increase liability and decrease capital

Mohan spent Rs 20000 as repair on Purchase of Machine from Scarp dealer .The transaction will be

Increase and decrease Assets

Increase and decrease Capital

Decrease Asset and Capital

Increase and decrease Liability

Find the correct statement

Credit a decrease in Assets

Credit the increase in Expense

Debit the increase in revenue

Credit the increase in captial

Find the correct statement

Debit the decrease in Assets

Credit the increase in expense

Debit the increase in revenue

Credit the increase in capital

Debit Voucher is prepared for

Cash Payment

Cash Receipt

Credit transaction

All of the above

Wages owing is

Personal A/c

Impersonal A/c

Real A/c

Nominal A/c

A purchase of Machine for cash should be debited to

Cash a/c

Machine a/c

Purchase a/c

none of these

Voucher is prepared from:

Document Evidence

Journal Entry

ledger Accounts

All of the above

Voucher is prepared for

Cash received and paid

Cash/Credit sales

Cash/Credit purchase

All of the above

Transfer Voucher is prepared for

Cash Payment

Cash Receipt

Non Cash Transaction

None of the above

Cash withdrawal by the proprietor should be credited to

Drawing a/c

Capital A/c

Profit and loss a/c

Cash A/c

Time's up

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