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Identify the nominal account ____?
A. Rent expenses account
B. Creditors account
C. Building account
D. Machinery accountDouble entry implies that _____?
A. Recording every transaction in books
B. Recording two aspects of every transaction
C. Recording entries in journal
D. Recording entries in Ledger account_____the withdrawal of cash and goods by the owner of the busienss for his/her personal use ?
A. Outflow of cash
B. Appreciation
C. Depreciation
D. DrawingsIdentify the asset from the following ____?
A. Bank loan
B. Cash and cash equivalent
C. Creditors
D. Notes payableWhat is equity ?
A. Owner’s claim on total assets
B. Owner’s claim on total liabilities
C. Cash from the business
D. liability of a businessWhich of the following is a liability ?
A. Creditors
B. Debtors
C. Cash
D. EquipmentWhat is the basic accounting equation ?
A. Liabilities+Capital
B. Capital+Liabilities=Assets
C. Assets+ liabilities =Capital
D. Capital+assets=liabilitiesAn asset posses which of the following ?
A. Expenses for the business
B. Future economic benefits for the business
C. Merits and Demerits for the business
D. All kind of benefits for the businessLiabilities are which of the following ?
A. Future benefits
B. Expenses
C. Obligations
D. Resources_____ is the gross inflow of economic benefits ?
A. Income
B. Expenses
C. Assets
D. Liabilities