Accounting Variation Proforma (1-10)

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

Two accounts

The same side of the same account

Only debits side

Debit and credit side of the same amount

Correct! Wrong!

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

Salary account

The account of sohail

No entry passed

Cash account

Correct! Wrong!

The payment of cash to supplier will?

Increase receivables and reduce cash balance

Reduce cash balance and reduce current liabilities

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?

Account receivable

Creditors

Debtors

Owner capital

Correct! Wrong!

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

Assets

Drawing

Expense

Revenue

Correct! Wrong!

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

Net income

Assets

Revenue

Expense

Correct! Wrong!

How the debit side of journal effect?

Decrease in Asset

Introduce owner equity

Increase in Asset

Increase in liability

Correct! Wrong!

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

Payment of accounts payable

Repayment of bank loan

Payment of wages

Purchase of office equipment on credit

Correct! Wrong!

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

Decrease & increase the account balance

Increase the account balance

Decrease the account balance

Decrease or increase the account balance

Correct! Wrong!

A debit will reduce ___, but increase _?

Accounts payable; common stock

Accounts receivable; accounts payable

Common stock; prepaid insurance

Revenues; accounts payable

Correct! Wrong!

Accounting Variation Proforma (1-10)

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Very Good **

Good *

Fair

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Accounting Variation Proforma (1-10)

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

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

The payment of cash to supplier will?

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

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?

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

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

A debit will reduce ___, but increase _?

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Accounting Variation Proforma (1-10)

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

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

The payment of cash to supplier will?

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

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?

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

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

A debit will reduce _____________________________, but increase ___________________________?

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A debit will reduce ___, but increase _?