Financial Accounting ICOM Part 01 Top 500 + MCQS Download Pdf Chapter No 02

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Chapter – 2

Transactions & Accounting Equation

Encircle the most appropriate answer from the following four answers

1)  When there is no question of meeting the value of a transaction, it will be known as:

  1. Credit Transaction
  2. Paper transaction
  3.  Cash transaction
  4. None of these

2) If there is no change in total value of assets and liabilities of a business concern it Will considered as:

  1. Quantitative change
  2. Economic change
  3. Qualitative change
  4.  monetary Change

3) Accounting equation is equal to:

  1. Expenses-Income
  2. Assets-Liabilities
  3. Assets + Liabilities
  4. Liabilities-Assets

4) Expenses paid by a business decrease: .

  1. Capital
  2. Cash & Capital
  3. None of time
  4. Cash

5) Every transaction affects:

  1. Two items
  2. One item
  3. So many items
  4. Four items

6) A person who owes money to a business is known as a:

  1. Debtor
  2. Solvent
  3. Creditor
  4. Investor

7) If furniture purchased on credit basis, it Will be:

  1.  Increase in assets and increase in capital
  2.  Increase assets and increases in expenses
  3. Increase in assets And increase in liabilities
  4.  Increase in assets and increase in equity

8) Resources owned by the business Liabilities

  1. Liabilities
  2. Assets
  3. Capital
  4. Profit

9) Furniture purchased for domestic use:

  1. Decrease in capital and decrease in assets
  2. Increase in assets and decrease in assets.
  3. Increase in assets and increase m expenses
  4.  Increase m expenses and increase m liabilities

10)When cash is paid to debtors it will decrease.

  1. Capital
  2. Cash
  3.  Debtor
  4. None of these

11) Claims against assets owed by business are called:

  1.  Liabilities
  2. Capital
  3. Equities
  4. Assets

12) A transaction taking place with an outside person or Organization is called

  1. None of these
  2. Internal Transaction
  3. Paper Transaction
  4. External Transaction

13) Cash received from debtors. It will be:

  1. Increase in assets and decrease in assets.
  2. Increase in liabilities and decrease in assets
  3. Increase in assets and decrease in Revenue
  4. None of the above.

14) The accounting equation represents:

  1. Resources in the business are not equal to the sources of business
  2. Owner’s give money for business.
  3. Resources in the business are equal to the sources of business
  4.  Resources are allocated at cost price

15) The excess of assets over liabilities is called:

  1. Income
  2. Equities
  3. Profit
  4. Capital

16) Sold goods costing Rs. 1500 for Rs. 1750 will increase the owner’ s equity by Rs.:

  1. 250
  2. 3250
  3. 1500
  4. 1750

17) Purchased goods on credit and for cash will affect:

  1. Cash, creditors and owner’s equity
  2. Cash and creditors
  3. Cash and goods
  4. Cash and goods & creditors

18) Receiving cash from Azhar will affect.

  1. Cash And Debtors
  2. Cash and creditors
  3. Cash & goods
  4. Cash and owner’s equity

19) Cash paid to Naeem Will affect

  1. Cash and debtors
  2.  Cash and owners equity
  3. Cash and creditors‘.
  4. Cash And goods

20) All events, which are related to business , are measured in:

  1. Kilograms
  2. Money
  3. Quality
  4. Quantity

21) The rights possessed by the Owner against the assets of the business are called.

  1. Owner
  2. Assets
  3. Owner’s equity
  4. Liabilities

22) All debts which are payable to investors and others is:

  1. Liabilities
  2. Equities
  3. Capital
  4. Expenses