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Total Questions : 842 | Page 6 of 85 pages
Question 51. Which of the following accounts can be classified as a real account?
  1.    Rent expenses account
  2.    Rent income account
  3.    Insurance expenses account
  4.    Cash account
 Discuss Question
Answer: Option D. -> Cash account
Question 52. Capital of a business decreases if there is an increase in
  1.    Drawings
  2.    Income
  3.    Gains
  4.    Fresh capital
 Discuss Question
Answer: Option A. -> Drawings
Question 53. Net income equal to Revenues minus
  1.    Gains
  2.    Depreciation
  3.    Expenses
  4.    Capital expenditure
 Discuss Question
Answer: Option C. -> Expenses
Question 54. Capital increases if ______ increases
  1.    Expenses are greater than income
  2.    Drawings
  3.    Interest on capital
  4.    Revenue
 Discuss Question
Answer: Option D. -> Revenue
Question 55. Payment of expenses will ______ the assets
  1.    Increase
  2.    Reduce
  3.    Apportion
  4.    Overstate
 Discuss Question
Answer: Option B. -> Reduce
Question 56. Which of the following accounting equation is correct?
  1.    Cash + Other assets = Capital - Liabilities
  2.    Capital + Liabilities = Assets + Income
  3.    Assets - Liabilities = Capital
  4.    Assets + Capital = Liabilities
 Discuss Question
Answer: Option C. -> Assets - Liabilities = Capital
Question 57. Fresh capital introduction will increase
  1.    Assets and Liabilities
  2.    Assets and Equity
  3.    Liabilities and equity and bank balance
  4.    Capital and Liabilities
 Discuss Question
Answer: Option B. -> Assets and Equity
Question 58. The process of recording in Journal is done
  1.    Two times in a year
  2.    Once in a year
  3.    Frequently during the accounting period
  4.    At the end of an accounting period
 Discuss Question
Answer: Option C. -> Frequently during the accounting period
Question 59. Current Assets - Current Liabilities = ?
  1.    Capital + Liabilities = assets
  2.    Absorbed capital
  3.    Net assets
  4.    Working capital
 Discuss Question
Answer: Option D. -> Working capital
Question 60. General Journal is a book of _____ entries
  1.    First
  2.    Original
  3.    Secondary
  4.    Generic
 Discuss Question
Answer: Option B. -> Original

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