Accounting Quiz 2 Welcome to your Accounting Quiz 2 A purchase of Machine for cash should be debited to Cash a/c Machine a/c Purchase a/c none of these Wages owing is Personal A/c Impersonal A/c Real A/c Nominal A/c Find the correct statement Debit the decrease in Assets Credit the increase in expense Debit the increase in revenue Credit the increase in capital Credit voucher is prepared for Cash payment Cash Receipt Credit purchase All of the above Voucher is prepared from: Document Evidence Journal Entry ledger Accounts All 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 Debit Voucher is prepared for Cash Payment Cash Receipt Credit transaction All of the above How many sides does an account have? 2 3 1 None of these 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 Recovery of bad debts previously written off Increase assets and revenue Decrease assets and expense Increase asset and capital Increase expense and assets 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 Find the correct statement Credit a decrease in Assets Credit the increase in Expense Debit the increase in revenue Credit the increase in captial Transfer Voucher is prepared for Cash Payment Cash Receipt Non Cash Transaction None of the above 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 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 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 Point out the correct equation Assets= Liabilities - Capital Assets= Liabilities + Capital Liabilities=Assets + Capital Capital =Assets + liabilites Voucher is prepared for Cash received and paid Cash/Credit sales Cash/Credit purchase All of the above Recording of transaction in the Casting Posting Journalising Recording Time is Up! Time's up
