Accounting Mcqs

Q.  Identify the nominal account

a. Machinery account
b. Building account
c. Creditors account
d. Rent expenses account


ANSWER: See Answer
 
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MCQs:  Which of the following is the closing balance of a ledger account?
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MCQs:  The Basic accounting equation is___________?
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MCQs:  Find out the value of assets if: Liabilities=$5000 and Capital=$1000
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MCQs:  Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000
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MCQs:  Capital of a business decreases if there is an increase in___________?
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MCQs:  If the total liabilities of a business decrease by $5000 what will be the effect on total asset? (assuming the amount of capital remain same)
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MCQs:  If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?
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MCQs:  Net income equal to Revenues minus____________?
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MCQs:  Collection of account receivable will
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MCQs:  Payment of expenses will ______ the assets
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MCQs:  Which of the following is the practical implementation of the accounting equation?
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MCQs:  Which of the following accounting equation is correct?
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MCQs:  Fresh capital introduction will increase____________?
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MCQs:  Cash received for services rendered will______________?
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MCQs:  Which of following best describes the increase in equity expands___________?
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MCQs:  If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?
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MCQs:  Depreciation decreases____________?
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MCQs:  An increase in provision for bad debt will____________?
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MCQs:  Current assets – Current liabilities=?
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