1. Which of the following statements is incorrect?

Correct! Wrong!

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?

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

7. Consider the following data?

Correct! Wrong!

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?

Correct! Wrong!

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?

Correct! Wrong!

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

Correct! Wrong!

Accounting Equation (1-10)
Super Genius ***
Excellent ***
Very Good **
Good *
Fair
Fail

Share your Results: