Accounting Equation MCQs



MCQs 1 To 10

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On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of Rs. 250. Owners' equity at January 1st was?

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Consider the following data?

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Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)?

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Find out the missing value liabilities in an accounting equation with the help of given data?

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Find out value of account receivable from following Cash Rs. 48,000 account payable Rs. 33,000 office equipment Rs. 21,000 owner equity Rs. 77,000?

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Which of the following statements is incorrect?

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The accounting equation should remain in balance because every transaction affects how many accounts?

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During a reporting period, a company’s assets increase by Rs. 80,000,000. Liabilities decrease by Rs. 20,000,000. Equity must therefore?

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If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be?

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Which of the following is not a correct form of the Accounting Equation?

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Accounting Equation (1-10)
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MCQs 11 To 20

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Revenue of the business includes?

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Which of the following account is affected from the drawings of cash in sole-proprietorship business?

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Which of the following accounts will be used in equation, if the goods are sold on credit to Mr. Mahmood?

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Which of the following transactions would have no impact on stockholders' equity?

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The liabilities of a business are Rs. 30,000; the capital of the proprietor is Rs. 70,000. The total assets are?

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Which one of the following represents the expanded basic accounting equation?

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The favorable balance of profit and loss account should be?

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Mr. “A” borrowed money from bank; this transaction involves which one of the following accounts?

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Mr. A provided the following information from his books of accounts at the end of the month. What is the amount of his capital?

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Which of the following is not a satisfactory statement of the balance sheet equation?

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Accounting Equation (11-20)
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Expanded Accounting Equation

References

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.

Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.

Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.

 

9 Comments

  1. Done

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  2. I really appreciate this post. I have been looking all over for this! Thank goodness I found it on Bing. You’ve made my day! Thank you again

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  3. I need also an explanation for # 9. Thank you!

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  4. Can you please give me an explanation for #s 4 and 8. Thank you

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  5. Send my results

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    • Click 10 mcqs and you well get result automatically. and so on…

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  6. please send my result

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  7. please give me resalt

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    • Very nice exercises

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