Accounting Variation Proforma 1-10

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

Revenue

Net income

Expense

Assets

Correct! Wrong!

How the debit side of journal effect?

Increase in Asset

Increase in liability

Introduce owner equity

Decrease in Asset

Correct! Wrong!

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

Drawing

Assets

Expense

Revenue

Correct! Wrong!

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

Payment of wages

Purchase of office equipment on credit

Repayment of bank loan

Payment of accounts payable

Correct! Wrong!

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

Decrease or increase the account balance

Decrease the account balance

Decrease & increase the account balance

Increase the account balance

Correct! Wrong!

A debit will reduce ___, but increase _?

Common stock; prepaid insurance

Accounts receivable; accounts payable

Revenues; accounts payable

Accounts payable; common stock

Correct! Wrong!

The payment of cash to supplier will?

Increase payable and reduce cash balance

Reduce cash balance and reduce current liabilities

Reduce account payable and increase purchases

Increase receivables and reduce cash balance

Correct! Wrong!

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

Debtors

Account receivable

Owner capital

Creditors

Correct! Wrong!

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

Cash account

No entry passed

Salary account

The account of sohail

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!

Accounting Variation Proforma 1-10

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

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

How the debit side of journal effect?

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

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 _?

The payment of cash to supplier will?

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

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

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

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Accounting Variation Proforma 1-10

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

How the debit side of journal effect?

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

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 ___________________________?

The payment of cash to supplier will?

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

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

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

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A debit will reduce ___, but increase _?