Accounting Variation Proforma (1-10)

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

Two accounts

Only debits side

The same side of the same account

Debit and credit side of the same amount

Correct! Wrong!

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

Revenue

Assets

Net income

Expense

Correct! Wrong!

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

Payment of wages

Repayment of bank loan

Payment of accounts payable

Purchase of office equipment on credit

Correct! Wrong!

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

Owner capital

Debtors

Account receivable

Creditors

Correct! Wrong!

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

Assets

Expense

Revenue

Drawing

Correct! Wrong!

The payment of cash to supplier will?

Reduce account payable and increase purchases

Reduce cash balance and reduce current liabilities

Increase payable and reduce cash balance

Increase receivables and reduce cash balance

Correct! Wrong!

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

Increase the account balance

Decrease or increase the account balance

Decrease & increase the account balance

Decrease the account balance

Correct! Wrong!

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

The account of sohail

Salary account

No entry passed

Cash account

Correct! Wrong!

A debit will reduce ___, but increase _?

Accounts receivable; accounts payable

Common stock; prepaid insurance

Accounts payable; common stock

Revenues; accounts payable

Correct! Wrong!

How the debit side of journal effect?

Introduce owner equity

Increase in liability

Increase in Asset

Decrease in Asset

Correct! Wrong!

Accounting Variation Proforma (1-10)

Super Excellent ***

Excellent ***

Very Good **

Good *

Fair

Fail

Accounting Variation Proforma (1-10)

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

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

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

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 payment of cash to supplier will?

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

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

A debit will reduce ___, but increase _?

How the debit side of journal effect?

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Accounting Variation Proforma (1-10)

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

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

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

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 payment of cash to supplier will?

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

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

A debit will reduce _____________________________, but increase ___________________________?

How the debit side of journal effect?

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A debit will reduce ___, but increase _?