CA Foundation Business Economics Questions 2023 - Part 32
Fri, 03 Mar 2023
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Accounting Skills Assessment Practice Questions 2023 - Part 14
1. During a reporting period, a companyΓ’??s assets increase by Rs. 80,000,000. Liabilities decrease by Rs. 20,000,000. Equity must therefore?
A) Decrease by Rs. 100,000,000
B) Increase by Rs. 100,000,000
C) Decrease by Rs. 60,00,000
D) Increase by Rs. 60,000,000
2. The accounting equation should remain in balance because every transaction affects how many accounts?
A) Only one
B) Only two
C) Two or more
D) All of given options
3. Which of the following is not a correct form of the Accounting Equation?
A) Assets = Claims
B) Assets = Liabilities + Owner Equity
C) Assets Γ’?? Liabilities = OwnerΓ’??s Equity
D) Assets + OwnerΓ’??s Equity = Liabilities
4. Mr. Γ’??AΓ’?Β borrowed money from bank; this transaction involves which one of the following accounts?
A) Cash & Bank Loan
B) Bank & Debtors
C) Drawing & Cash
D) Cash & Bank
5. Find out value of account receivable from following Cash Rs. 48,000 account payable Rs. 33,000 office equipment Rs. 21,000 owner equity Rs. 77,000?
A) Rs. 21,000
B) Rs. 41,000
C) Rs. 15,000
D) Rs. 110,000
A) Decrease by Rs. 100,000,000
B) Increase by Rs. 100,000,000
C) Decrease by Rs. 60,00,000
D) Increase by Rs. 60,000,000
2. The accounting equation should remain in balance because every transaction affects how many accounts?
A) Only one
B) Only two
C) Two or more
D) All of given options
3. Which of the following is not a correct form of the Accounting Equation?
A) Assets = Claims
B) Assets = Liabilities + Owner Equity
C) Assets Γ’?? Liabilities = OwnerΓ’??s Equity
D) Assets + OwnerΓ’??s Equity = Liabilities
4. Mr. Γ’??AΓ’?Β borrowed money from bank; this transaction involves which one of the following accounts?
A) Cash & Bank Loan
B) Bank & Debtors
C) Drawing & Cash
D) Cash & Bank
5. Find out value of account receivable from following Cash Rs. 48,000 account payable Rs. 33,000 office equipment Rs. 21,000 owner equity Rs. 77,000?
A) Rs. 21,000
B) Rs. 41,000
C) Rs. 15,000
D) Rs. 110,000
1. Right Answer: B
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: A
Explanation:
5. Right Answer: B
Explanation:
Explanation:
2. Right Answer: C
Explanation:
3. Right Answer: D
Explanation:
4. Right Answer: A
Explanation:
5. Right Answer: B
Explanation:
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