Accounting Equation MCQs



MCQs 1 To 10

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1. Which of the following statements is incorrect?

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2. 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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3. 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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4. Find out the missing value liabilities in an accounting equation with the help of given data?

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

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

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7. Consider the following data?

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8. 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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9. 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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10. 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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Accounting Equation (1-10)
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MCQs 11 To 20

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

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

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

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16. The favorable balance of profit and loss account should be?

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

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18. Revenue of the business includes?

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

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

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Accounting Equation (11-20)
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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.

 

7 Comments

  1. Makena

    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

    Reply
  2. Dessa Blanca Gimeno

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

    Reply
  3. Dessa Blanca Gimeno

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

    Reply
  4. NASIR RASOOL SHAH

    Send my results

    Reply
    • Zaheer Swati

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

      Reply
  5. henry bangura

    please send my result

    Reply
  6. rabona

    please give me resalt

    Reply

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