Accounting Variation Proforma (1-10)

A debit will reduce ___, but increase _?

Accounts payable; common stock

Common stock; prepaid insurance

Revenues; accounts payable

Accounts receivable; accounts payable

Correct! Wrong!

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

Expense

Net income

Revenue

Assets

Correct! Wrong!

The payment of cash to supplier will?

Reduce cash balance and reduce current liabilities

Increase receivables and reduce cash balance

Reduce account payable and increase purchases

Increase payable and reduce cash balance

Correct! Wrong!

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

Debtors

Account receivable

Owner capital

Creditors

Correct! Wrong!

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

Only debits side

Two accounts

Debit and credit side of the same amount

The same side of the same account

Correct! Wrong!

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

Cash account

No entry passed

Salary account

The account of sohail

Correct! Wrong!

How the debit side of journal effect?

Increase in liability

Introduce owner equity

Decrease in Asset

Increase in Asset

Correct! Wrong!

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

Payment of accounts payable

Purchase of office equipment on credit

Repayment of bank loan

Payment of wages

Correct! Wrong!

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

Expense

Assets

Drawing

Revenue

Correct! Wrong!

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

Decrease the account balance

Decrease or increase the account balance

Increase the account balance

Decrease & increase the account balance

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 _?

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

The payment of cash to supplier will?

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

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

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

How the debit side of journal effect?

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

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

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

Submit a Comment Cancel reply

Search

Accounting Variation Proforma (1-10)

A debit will reduce _____________________________, but increase ___________________________?

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

The payment of cash to supplier will?

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

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

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

How the debit side of journal effect?

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

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

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

Submit a Comment Cancel reply

Search

A debit will reduce ___, but increase _?