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

Correct! Wrong!

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

Correct! Wrong!

3. The payment of cash to supplier will?

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

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

Correct! Wrong!

9. How the debit side of journal effect?

Correct! Wrong!

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

Correct! Wrong!

Accounting Variation Proforma (1-10)
Super Genius ***
Excellent ***
Very Good **
Good *
Fair
Fail

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