Q.1
What is the name given to the owner's or proprietor's account in the business?
  • Assets
  • Liability
  • Capital
  • All of the Above
Q.2
Choose the effect of the transaction:Owner withdrew $for his vacation
  • + 50 Cash + 50 Capital
  • -50 Cash - 50 Capital
  • -50 Bank - 50 Capital
  • None of the Above
Q.3
Choose the effect of the transaction:Transferred cash $to business's bank account
  • +50 Bank - 50Cash
  • -50 Cash +50 Bank
  • +50Cash -50Bank
  • None of the Above
Q.4
Choose the effect of the transaction:Paid the trade payable by check $50.
  • + 50 Bank - 50 Trade Payable
  • -50 Cash - 50 Trade Payable
  • -50 Bank - 50 Trade Payable
  • None of the Above
Q.5
Choose the effect of the transaction:Withdrew cheque for business' use $50.
  • +50 Bank - 50Cash
  • -50 Cash +50 Bank
  • +50Cash -50Bank
  • None of the Above
Q.6
Choose the effect of the transaction:Bought office supplies by cash $5.
  • +5 Office Supplies -5 Cash
  • -5 Cash +5 Supplies
  • +5 Office Supplies +5 Bank
  • None of the Above
Q.7
Choose the effect of the transaction:Owner withdrew cheque $5 for birthday party for his son.
  • +5 Cash +5 Drawings
  • -5 Cash + Capital
  • -5 Bank - Capital
  • None of the Above
Q.8
Choose the effect of the transaction:Purchased $worth of equipment on account
  • +50 Equipment - 50Cash
  • -50 Cash +50 Equipment
  • +50Equipment + 50 Trade Payable
  • None of the Above
Q.9
Choose the effect of the transaction:Sold the furniture by cash $5.
  • +5 Cash +5 Furniture
  • -5 Bank -5 Furniture
  • -5 Bank - Capital
  • None of the Above
Q.10
Choose the effect of the transaction: The owner started a business and invested his cash $and an Equipment $with a trade payable of $5.00
  • +50 Cash +45 Equipment + 95 Capital
  • +50Cash + 50 Equipment + 5 Trade Payable + 50 Capital
  • +50Cash + 50 Equipment + 5 Trade Payable + 100 Capital
  • None of the Above
Q.11
Choose the effect of the transaction:Acquired a company car by cheque $50000
  • +50000 Vehicle + 50000 Bank
  • +50000 Vehicle + 50000 Cash
  • +50000 Vehicle -50000 Bank
  • None of the Above
Q.12
Choose the effect of the transaction:Received $from a customer in the business' receivable.
  • +50 Cash + 50 Trade Receivable
  • +50Cash + 50 Trade Receivable
  • +50Cash -50 Trade Receivable
  • None of the Above
Q.13
Choose the effect of the transaction:Borrowed $from the bank
  • +50 Cash + 50 Bank Loan
  • +50Cash + 50 Loan
  • +50Cash -50 Bank Loan
  • None of the Above
Q.14
Choose the effect of the transaction:Incurred a bank overdraft of $5.in using the bank account of the business.
  • +5 Cash + 5 Bank Overdraft
  • -5 Bank -5 Bank Overdraft
  • + 5 Bank + 5 Bank Overdraft
  • None of the Above
Q.15
Choose the effect of the transaction:Sold equipment by cash worth $1000
  • + 1000 Cash + 1000 Equipment
  • +1000 Bank + 1000 Equipment
  • + 1000 Cash + 1000 Bank
  • None of the Above
Q.16
Choose the effect of the transaction:Purchased equipment on credit.
  • + Asset + Liability
  • +Asset - Liability
  • -Asset + Liability
  • -Asset + Liability
Q.17
Zero net worth is defined as:
  • Assets are greater than liabilities
  • Assets are less than liabilities
  • Assets are equal to liabilities
  • None of the above
Q.18
Assets=Liabilities + Capital (True or False)
  • True
  • False
Q.19
Land is listed asA = AssetsL = LiabilitySE = Stockholders Equity
  • A
  • L
  • SE
Q.20
Buildings and Equipment is listed asA = AssetsL = LiabilitySE = Stockholders Equity
  • A
  • L
  • SE
0 h : 0 m : 1 s