Accounting MCQs — Test 5

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Question 1

Find out the value of assets if: Liabilities=$5000 and Capital=$1000

Question 2

Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000

Question 3

Capital increases if _________ increases?

Question 4

If the total liabilities of a business decrease by $5000 what will be the effect on total asset?

Question 5

If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?

Question 6

Net income equal to Revenues minus____________?

Question 7

Collection of account receivable will

Question 8

Payment of expenses will ______ the assets

Question 9

Which of the following is the practical implementation of the accounting equation?

Question 10

Which of the following accounting equation is correct?