Accounting Variation Proforma (1-10)

A debit will reduce ___, but increase _?

Accounts receivable; accounts payable

Revenues; accounts payable

Common stock; prepaid insurance

Accounts payable; common stock

Correct! Wrong!

In double entry system of book–keeping every business transaction affects?

The same side of the same account

Only debits side

Debit and credit side of the same amount

Two accounts

Correct! Wrong!

The amount charged to customer for goods or services sold is called?

Net income

Revenue

Expense

Assets

Correct! Wrong!

The payment of cash to supplier will?

Increase payable and reduce cash balance

Increase receivables and reduce cash balance

Reduce account payable and increase purchases

Reduce cash balance and reduce current liabilities

Correct! Wrong!

The decrease in owner’s equity attributable to business activities is called?

Drawing

Assets

Revenue

Expense

Correct! Wrong!

The effect of a credit entry on the payables account is to?

Decrease or increase the account balance

Decrease & increase the account balance

Increase the account balance

Decrease the account balance

Correct! Wrong!

A person who pays out something or to whom money owes is called?

Creditors

Account receivable

Owner capital

Debtors

Correct! Wrong!

Which of the following transactions results in an immediate increase in expenses?

Payment of accounts payable

Purchase of office equipment on credit

Payment of wages

Repayment of bank loan

Correct! Wrong!

The amount of salary paid to Sohail should be debited to?

No entry passed

The account of sohail

Cash account

Salary account

Correct! Wrong!

How the debit side of journal effect?

Decrease in Asset

Increase in Asset

Increase in liability

Introduce owner equity

Correct! Wrong!

Accounting Variation Proforma (1-10)

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Variation Proforma (1-10)

A debit will reduce ___, but increase _?

In double entry system of book–keeping every business transaction affects?

The amount charged to customer for goods or services sold is called?

The payment of cash to supplier will?

The decrease in owner’s equity attributable to business activities is called?

The effect of a credit entry on the payables account is to?

A person who pays out something or to whom money owes is called?

Which of the following transactions results in an immediate increase in expenses?

The amount of salary paid to Sohail should be debited to?

How the debit side of journal effect?

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Accounting Variation Proforma (1-10)

A debit will reduce _____________________________, but increase ___________________________?

In double entry system of book–keeping every business transaction affects?

The amount charged to customer for goods or services sold is called?

The payment of cash to supplier will?

The decrease in owner’s equity attributable to business activities is called?

The effect of a credit entry on the payables account is to?

A person who pays out something or to whom money owes is called?

Which of the following transactions results in an immediate increase in expenses?

The amount of salary paid to Sohail should be debited to?

How the debit side of journal effect?

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A debit will reduce ___, but increase _?