Accounting Skills Assessment Practice Questions 2023 - Part 15
1. On January 1st, 2009 an entity's balance sheet showed total assets of Rs. 750 and liabilities of Rs. 250. Owners' equity at January 1st was?
A) Rs. 750
B) Rs. 1,000
C) Rs. 500
D) Rs. 250
2. The liabilities of a business are Rs. 30,000; the capital of the proprietor is Rs. 70,000. The total assets are?
A) Rs.70,000
B) Rs. 30,000
C) Rs.40,000
D) None of the Above
3. Which of the following account is affected from the drawings of cash in sole-proprietorship business?
A) Shareholder account
B) Capital account
C) Liability account
D) Expense account
4. Which of the following accounts will be used in equation, if the goods are sold on credit to Mr. Mahmood?
A) Cash account and OwnerΓ’??s equity
B) Account Receivable and OwnerΓ’??s equity
C) Cash and Account Receivable
D) Account Payable and OwnerΓ’??s Equity
5. Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)?
A) A = L + R + E + C
B) A = C + L + (R-E)
C) A = C - (R - E) + L
D) A = (L - C) + (R - E)
A) Rs. 750
B) Rs. 1,000
C) Rs. 500
D) Rs. 250
2. The liabilities of a business are Rs. 30,000; the capital of the proprietor is Rs. 70,000. The total assets are?
A) Rs.70,000
B) Rs. 30,000
C) Rs.40,000
D) None of the Above
3. Which of the following account is affected from the drawings of cash in sole-proprietorship business?
A) Shareholder account
B) Capital account
C) Liability account
D) Expense account
4. Which of the following accounts will be used in equation, if the goods are sold on credit to Mr. Mahmood?
A) Cash account and OwnerΓ’??s equity
B) Account Receivable and OwnerΓ’??s equity
C) Cash and Account Receivable
D) Account Payable and OwnerΓ’??s Equity
5. Which one of the following equations correctly expresses the relationship between assets (A), liabilities (L), revenues (R), expenses (E) and capital (C)?
A) A = L + R + E + C
B) A = C + L + (R-E)
C) A = C - (R - E) + L
D) A = (L - C) + (R - E)
1. Right Answer: C
Explanation:
2. Right Answer: D
Explanation:
3. Right Answer: B
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: B
Explanation:
Explanation:
2. Right Answer: D
Explanation:
3. Right Answer: B
Explanation:
4. Right Answer: B
Explanation:
5. Right Answer: B
Explanation:
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