Chapter 3: Books of Prime EntryMarch 18, 2024 Maven Leave a Comment Welcome to the Chapter 3: Books of Prime Entry Quiz! This quiz is based on the book back questions. Name Email 1. Real account deals with: Individual persons Expenses and losses Assets Incomes and gains None 2. Cash withdrawn from the proprietor from the business for his personal use causes: Decrease in assets and decrease in owners capital Increase in one asset and decrease in another asset Increase in one asset and increase in liabilities Increase in asset and decrease in capital None 3. The incorrect accounting equation is: Assets = Liabilities + Capital Assets = Capital + Liabilities Liabilities = Assets + Capital Capital = Assets-Liabilities None 4. Withdrawal of cash from business by the proprietor should be credited to: Drawings a/c Cash a/c Capital a/c Purchases a/c None 5. A firm has assets of Rs.1,00.000 and the external liabilities of Rs. 60,000. Its capital would be: Rs. 1,60,000 Rs.60,000 Rs.1,00,000 Rs.40,000 None 6. Accounting equation is formed based on the accounting principle of: Dual aspect Going concern Consistency Accrual None 7. In double entry system of book keeping, every business transaction affects: Minimum of two accounts Same account on two different dates Two sides of the same account Minimum three accounts None 8. Which one of the following is representative personal account? Building a/c Salary outstanding a/c Mahesh a/c Balan & Co a/c None 9. Accounting equation signifies: Capital of a business is equal to assets Liabilities of a business is equal to assets Capital of a business is equal to liabilities Assets of a business are equal to the total of capital and liabilities None 10. Prepaid Rent is a Nominal a/c Personal a/c Real a/c Representative Personal a/c None Time's upRelated Posts:Chapter 6: Subsidiary Books – IChapter 7: Subsidiary Books – IIChapter 1: Introduction to Micro EconomicsChapter 2. Consumption Analysis
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