Accounting Variation Proforma (1-10)

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

(a) Expense

(b) Net income

(c) Revenue

(d) Assets

Correct! Wrong!

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

(a) Assets

(b) Drawing

(c) Revenue

(d) Expense

Correct! Wrong!

3. The payment of cash to supplier will?

(a) Reduce cash balance and reduce current liabilities

(b) Increase receivables and reduce cash balance

(c) Reduce account payable and increase purchases

(d) Increase payable and reduce cash balance

Correct! Wrong!

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

(a) Debit and credit side of the same amount

(b) only debits side

(c) The same side of the same account

(d) Two accounts

Correct! Wrong!

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

(a) Debtors

(b) Creditors

(c) Account receivable

(d) Owner capital

Correct! Wrong!

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

(a) The account of sohail

(b) Salary account

(c) Cash account

(d) No entry passed

Correct! Wrong!

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

(a) Decrease the account balance

(b) Decrease & increase the account balance

(c) Decrease or increase the account balance

(d) Increase the account balance

Correct! Wrong!

8. A debit will reduce ___, but increase _?

(a) Accounts receivable; accounts payable

(b) Revenues; accounts payable

(c) Accounts payable; common stock

(d) Common stock; prepaid insurance

Correct! Wrong!

9. How the debit side of journal effect?

(a) Increase in Asset

(b) Increase in liability

(c) Decrease in Asset

(d) Introduce owner equity

Correct! Wrong!

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

(a) Purchase of office equipment on credit

(b) Payment of accounts payable

(c) Payment of wages

(d) Repayment of bank loan

Correct! Wrong!

Accounting Variation Proforma (1-10)

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

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

3. The payment of cash to supplier will?

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

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

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

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

8. A debit will reduce ___, but increase _?

9. How the debit side of journal effect?

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

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Accounting Variation Proforma (1-10)

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

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

3. The payment of cash to supplier will?

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

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

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

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

8. A debit will reduce _____________________________, but increase ___________________________?

9. How the debit side of journal effect?

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

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8. A debit will reduce ___, but increase _?