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Which of the following equation is correct?
Anonymous Quiz
44%
Liabilities = Assets - Capital
21%
Assets = Liabilities - Capital
22%
Assets + Liabilities = Capital
13%
Capital - Liabilities = Assets
Which of the following is not a business transaction?
Anonymous Quiz
7%
Bought furniture of Rs 20,000 for business
79%
Paid son's fees from his personal bank account Rs 10,000
11%
Paid son's fee from the business Rs 5,000
3%
Paid for salaries of employees Rs 2,000
Copyright, Trademark & Patents are examples of ____
Anonymous Quiz
11%
Fixed Assets
8%
Current Assets
77%
Intangible Assets
3%
Investments
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Interest payable on the capital of the partners is recorded in __
Anonymous Quiz
18%
Realisation A/c
60%
Profit and Loss Appropriation A/c
17%
Profit and Loss A/c
5%
None of the above
Long term assets without any physical existence but, possessing a value is called ____
Anonymous Quiz
59%
Intangible Assets
23%
Fictitious Assets
16%
Fixed Assets
2%
Current Assets
Net Profit is calculated in which of the following account?
Anonymous Quiz
7%
Trial Balance
9%
Trading Account
76%
Profit and Loss Account
8%
Balance Sheet
The debt which is to be repaid within a short period is known as __
Anonymous Quiz
6%
Fixed Liabilities
17%
Contingent Liabilities
64%
Current Liabilities
13%
All of the above
Goods withdrawn for personal use will be treated as __
Anonymous Quiz
16%
Debit Cash A/c, Credit Purchase A/c
26%
Debit Drawings A/c, Credit Sales A/c
6%
Debit Purchases A/c, Credit Cash A/c
53%
Debit Drawings A/c, Credit Purchases A/c
Net Worth of an organisation means excess of Assets over ____
Anonymous Quiz
13%
Income
45%
Liabilities
14%
Working Capital
28%
Both (B) and (C)
The assets that can be easily converted into cash within a short period i.e. 1 year or less are known as _____
Anonymous Quiz
76%
Current Assets
12%
Fixed Assets
5%
Intangible Assets
6%
Investments
If any asset is withdrawn by the proprietor for personal use, Journal Entry should be ___
Anonymous Quiz
51%
Debit Drawings A/c, Credit Assets A/c
8%
Debit Purchases A/c, Credit Assets A/c
31%
Debit Drawings A/c, Credit Purchases A/c
10%
Debit Assets A/c, Credit Drawings A/c
The portion of the expenses, the benefit of which will be received during the next financial year, is known as _____
Anonymous Quiz
30%
Outstanding expenses
60%
Prepaid expenses
9%
Depreciation
2%
Bad Debts
Double entry principle means __
Anonymous Quiz
10%
Writing twice the same entry
11%
Writing all the entries twice in the book
63%
Having a debit for every credit and credit for every debit
16%
All of the above