Identify the nominal account ____?
A. Rent expenses account
B. Creditors account
C. Building account
D. Machinery account
ACCOUNTING MCQS
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Double 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. Drawings
Identify the asset from the following ____?
A. Bank loan
B. Cash and cash equivalent
C. Creditors
D. Notes payable
What 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 business
Which of the following is a liability ?
A. Creditors
B. Debtors
C. Cash
D. Equipment
What is the basic accounting equation ?
A. Liabilities+Capital
B. Capital+Liabilities=Assets
C. Assets+ liabilities =Capital
D. Capital+assets=liabilities
An 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 business
Liabilities 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. LiabilitiesA. Income
B. Expenses
C. Assets
D. Liabilities