Accounting Variation Proforma (1-10)

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

Assets

Drawing

Expense

Revenue

Correct! Wrong!

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

Owner capital

Debtors

Creditors

Account receivable

Correct! Wrong!

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

The account of sohail

No entry passed

Salary account

Cash account

Correct! Wrong!

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

Assets

Net income

Revenue

Expense

Correct! Wrong!

The payment of cash to supplier will?

Increase payable and reduce cash balance

Increase receivables and reduce cash balance

Reduce account payable and increase purchases

Reduce cash balance and reduce current liabilities

Correct! Wrong!

How the debit side of journal effect?

Decrease in Asset

Introduce owner equity

Increase in liability

Increase in Asset

Correct! Wrong!

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

Purchase of office equipment on credit

Payment of accounts payable

Repayment of bank loan

Payment of wages

Correct! Wrong!

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

Two accounts

Only debits side

Debit and credit side of the same amount

The same side of the same account

Correct! Wrong!

A debit will reduce ___, but increase _?

Revenues; accounts payable

Accounts receivable; accounts payable

Accounts payable; common stock

Common stock; prepaid insurance

Correct! Wrong!

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

Decrease the account balance

Increase the account balance

Decrease or increase the account balance

Decrease & increase the account balance

Correct! Wrong!

Accounting Variation Proforma (1-10)

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Accounting Variation Proforma (1-10)

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

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

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

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

The payment of cash to supplier will?

How the debit side of journal effect?

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

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

A debit will reduce ___, but increase _?

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

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Accounting Variation Proforma (1-10)

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

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

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

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

The payment of cash to supplier will?

How the debit side of journal effect?

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

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

A debit will reduce _____________________________, but increase ___________________________?

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

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A debit will reduce ___, but increase _?