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Payment of expenses will ______ the assets
Related MCQs
Collection of account receivable will
Net income equal to Revenues minus__________?
If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?
If the total liabilities of a business decrease by $5000 what will be the effect on total asset?
Capital of a business decreases if there is an increase in__________?
Capital increases if _________ increases?
Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
The Basic accounting equation is__________?
Which of the following is the closing balance of a ledger account?
Which of the following accounts are closed at the end of an accounting period?
Which of the following is a real account?
__________ helps business to classify transactions according to their nature?
Office equipments account is classified as _________ account?
Building account is classified as _________ account?
The real accounts are accounts of Assets, liabilities and __________?
Revenue and expense accounts are referred as__________?
Which of the following is the normal balance of a rent expense account?
Which of the following statements is incorrect regarding capital account?
The normal balance of liability account is__________?
The normal balance of asset account is__________?
The normal balance of capital account is__________?
If debit balance is greater than creadit balance then the account blance will be__________?
Which of the following is known as the base for preparing trial balance?
_________ will be credited if goods are given as charity?
If debit side of a bank account is greater than credit side it indicates which of the following?
If credit side of a bank account is greater than the debit side, it indicates which of the following?
An account records the __________ in the balance of an item?
Transferring entries from journal to ledger account is commonly known as__________?
Which of the following accounts can be classified as a real account?
Identify the nominal account
Double entry implies that
Net loss occurs when__________?
_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
Identify the asset from the following:
What is equity?
Which of the following is a liability?
What is the basic accounting equation?
Which is the most important characteristic that all assets of a business have?
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
Liability are arisen from which of the following events?
An asset must be _______ by the business to be shown as an asset in its “balance sheet”
The gross decrease in economic benefits for the business are what?
________ is the gross inflow of economic benefits?
Liabilities are which of the following?
An asset posses which of the following?
________ is a separate legal entity that Total capital can be divided in many shares.
Financial statements differ from management account because
_________ is the first phase of accounting cycle?
Which of the following is the internal user of financial statements?
Which of the following is the external user of financial statements?
Payment of expenses will ______ the assets
A. Increase
B. Reduce
C. apportion
D. Overstate
Correct Answer:
Reduce
✔
Last Updated:
July 29, 2017