Accounting Variation Proforma 1-10

A debit will reduce ___, but increase _?

Revenues; accounts payable

Accounts payable; common stock

Accounts receivable; accounts payable

Common stock; prepaid insurance

Correct! Wrong!

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

Owner capital

Debtors

Creditors

Account receivable

Correct! Wrong!

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

Decrease the account balance

Decrease & increase the account balance

Decrease or increase the account balance

Increase the account balance

Correct! Wrong!

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

Revenue

Assets

Expense

Net income

Correct! Wrong!

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

Payment of accounts payable

Repayment of bank loan

Purchase of office equipment on credit

Payment of wages

Correct! Wrong!

How the debit side of journal effect?

Introduce owner equity

Decrease in Asset

Increase in Asset

Increase in liability

Correct! Wrong!

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

Assets

Revenue

Expense

Drawing

Correct! Wrong!

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

No entry passed

Cash account

The account of sohail

Salary account

Correct! Wrong!

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

Debit and credit side of the same amount

The same side of the same account

Two accounts

Only debits side

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!

Accounting Variation Proforma 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

A debit will reduce ___, but increase _?

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

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

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

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

How the debit side of journal effect?

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

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

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

The payment of cash to supplier will?

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Accounting Variation Proforma 1-10

A debit will reduce _____________________________, but increase ___________________________?

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

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

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

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

How the debit side of journal effect?

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

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

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

The payment of cash to supplier will?

Submit a Comment Cancel reply

Search

A debit will reduce ___, but increase _?