Accounting Equation (1-10)

Consider the following data?

Rs. 440,000

Rs. 49,000

Rs. 55,000

Rs. 198,000

Correct! Wrong!

The accounting equation should remain in balance because every transaction affects how many accounts?

All of given options

Two or more

Only one

Only two

Correct! Wrong!

If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be?

Rs. 100,000

20,000

Rs. 120,000

Rs. 80,000

Correct! Wrong!

Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)?

A = L + R + E + C

A = (L - C) + (R - E)

A = C + L + (R-E)

A = C - (R - E) + L

Correct! Wrong!

On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of Rs. 250. Owners' equity at January 1st was?

Rs. 750

Rs. 1,000

Rs. 500

Rs. 250

Correct! Wrong!

Which of the following statements is incorrect?

Liabilities + Capital = Assets

Assets – Liabilities = Capital

Liabilities + Assets = Capital

Assets - Capital = Liabilities

Correct! Wrong!

Find out value of account receivable from following Cash Rs. 48,000 account payable Rs. 33,000 office equipment Rs. 21,000 owner equity Rs. 77,000?

Rs. 15,000

Rs. 21,000

Rs. 110,000

Rs. 41,000

Correct! Wrong!

During a reporting period, a company’s assets increase by Rs. 80,000,000. Liabilities decrease by Rs. 20,000,000. Equity must therefore?

Increase by Rs. 100,000,000

Decrease by Rs. 100,000,000

Decrease by Rs. 60,00,000

Increase by Rs. 60,000,000

Correct! Wrong!

Find out the missing value liabilities in an accounting equation with the help of given data?

Rs. 201,000 liabilities

Rs. 111, 000 liabilities

Rs. 291, 000 liabilities

Rs. 290, 000 liabilities

Correct! Wrong!

Which of the following is not a correct form of the Accounting Equation?

Assets = Claims

Assets – Liabilities = Owner’s Equity

Assets = Liabilities + Owner Equity

Assets + Owner’s Equity = Liabilities

Correct! Wrong!

Consider the following data?

The accounting equation should remain in balance because every transaction affects how many accounts?

If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be?

Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)?

On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of Rs. 250. Owners' equity at January 1st was?

Which of the following statements is incorrect?

Find out value of account receivable from following Cash Rs. 48,000 account payable Rs. 33,000 office equipment Rs. 21,000 owner equity Rs. 77,000?

During a reporting period, a company’s assets increase by Rs. 80,000,000. Liabilities decrease by Rs. 20,000,000. Equity must therefore?

Find out the missing value liabilities in an accounting equation with the help of given data?

Which of the following is not a correct form of the Accounting Equation?

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