Accounting Variation Proforma 1-10

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

Decrease or increase the account balance

Decrease & increase the account balance

Decrease the account balance

Increase the account balance

Correct! Wrong!

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

Drawing

Revenue

Expense

Assets

Correct! Wrong!

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

Assets

Net income

Expense

Revenue

Correct! Wrong!

How the debit side of journal effect?

Introduce owner equity

Increase in Asset

Decrease in Asset

Increase in liability

Correct! Wrong!

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

The same side of the same account

Only debits side

Two accounts

Debit and credit side of the same amount

Correct! Wrong!

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

Creditors

Debtors

Account receivable

Owner capital

Correct! Wrong!

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

No entry passed

The account of sohail

Salary account

Cash account

Correct! Wrong!

A debit will reduce ___, but increase _?

Accounts receivable; accounts payable

Common stock; prepaid insurance

Accounts payable; common stock

Revenues; accounts payable

Correct! Wrong!

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

Payment of accounts payable

Payment of wages

Purchase of office equipment on credit

Repayment of bank loan

Correct! Wrong!

The payment of cash to supplier will?

Reduce account payable and increase purchases

Reduce cash balance and reduce current liabilities

Increase payable and reduce cash balance

Increase receivables and reduce cash balance

Correct! Wrong!

Accounting Variation Proforma 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

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

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

How the debit side of journal effect?

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

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

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

A debit will reduce ___, but increase _?

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

The payment of cash to supplier will?

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Accounting Variation Proforma 1-10

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

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

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

How the debit side of journal effect?

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

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

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

A debit will reduce _____________________________, but increase ___________________________?

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

The payment of cash to supplier will?

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A debit will reduce ___, but increase _?