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    Accounting Equation MCQs

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    Awais ur Rehman
    This document contains 10 multiple choice questions about basic financial accounting concepts like the accounting equation, effects of business transactions on the accounting equation, and calculating different elements of the accounting equation based on information provided about other elements. The questions are presented along with answer options but no answers are provided. Mohsin Raza of Superior University is listed as the author and his contact information is included at the bottom.

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    © All Rights Reserved
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    Accounting Equation MCQs

    Uploaded by

    Awais ur Rehman
    71 views2 pages
    This document contains 10 multiple choice questions about basic financial accounting concepts like the accounting equation, effects of business transactions on the accounting equation, and calculating different elements of the accounting equation based on information provided about other elements. The questions are presented along with answer options but no answers are provided. Mohsin Raza of Superior University is listed as the author and his contact information is included at the bottom.

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    This document contains 10 multiple choice questions about basic financial accounting concepts like the accounting equation, effects of business transactions on the accounting equation, and calculating different elements of the accounting equation based on information provided about other elements. The questions are presented along with answer options but no answers are provided. Mohsin Raza of Superior University is listed as the author and his contact information is included at the bottom.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    71 views2 pages

    Accounting Equation MCQs

    Uploaded by

    Awais ur Rehman
    This document contains 10 multiple choice questions about basic financial accounting concepts like the accounting equation, effects of business transactions on the accounting equation, and calculating different elements of the accounting equation based on information provided about other elements. The questions are presented along with answer options but no answers are provided. Mohsin Raza of Superior University is listed as the author and his contact information is included at the bottom.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Financial Accounting BBA By: Mohsin Raza

    [email protected] (0323-4396303)

    1. Which of the following statement is correct;


    a)- Assets = Liabilities – Owner’s Equity b)- Owner’s Equity = Liabilities + Assets
    c)- Assets - Liabilities = Owner’s Equity d)- None

    2. Which of the following statement is correct;


    a)- Assets = Liabilities + Owner’s Equity b)- Owner’s Equity = Liabilities - Assets
    c)- Assets + Liabilities = Owner’s Equity d)- None

    3. Accounting equation represent the;


    a)- Assets equal to sum of Liabilities & Owner’s equity
    b)- Assets equal to difference of Liabilities & Owner’s equity
    c)- Liabilities equal to sum of assets & owner’s equity
    d)- None

    4. Excess of assets over liabilities is equal to;


    a)- Owner’s Equity b)- Profit
    c)- Revenue d)- None

    5. Mr. Ali started business with cash of Rs. 700,000 effect of;
    a)- Liabilities & Assets b)- Assets & Owner’s Equity
    c)- Liabilities & Owner’s Equity d)- None

    6. Mr. Ahmad purchased goods on credit of Rs. 60,000, effect on;


    a)- Liabilities & Assets b)- Owner’s Equity & Assets
    c)- Both effect on Assets d)- None

    7. Cash sales of goods Rs. 90,000, effect on;


    a)- Liabilities & Assets b)- Owner’s Equity & Assets
    c)- Both effect on Assets d)- None

    8. If there is Assets of Rs. 100,000 and owner’s equity is Rs. 80,000 what is amount of Liabilities?
    a)- 20,000 b)- 180,000
    c)- 50,000 d)- None
    Financial Accounting BBA By: Mohsin Raza

    [email protected] (0323-4396303)

    9. If there is Assets of Rs. 200,000 and Liabilities is Rs. 50,000 what is amount of Owner’s Equity?
    a)- 250,000 b)- 100,000
    c)- 100,000 d)- None

    10. If there is Liabilities of Rs. 30,000 and owner’s equity is Rs. 20,000 what is amount of Assets?
    a)- 10,000 b)- 50,000
    c)- 5,000 d)- None

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