Accounting Equation Quiz 1 – Punjab Meritorious School Preparation Portal

Welcome to your Accounting Equation Quiz 1 CBT TEST

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School Name with City

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Purchase of machinery for cash

Decreases total assets.

Increases total assets.

Retains total assets unchanged.

None of the above

Capital brought in by the proprietor is

Increase in asset and increase in liability

Increase in liability and decrease in asset

Increase in asset and decrease in liability

None of the above

A purchased a car for ₹5,00,000, making a down payment of ₹1,00,000 and signing a ₹4,00,000 bill payable due in 60 days. As a result of this transaction.

Total assets increased by ₹ 5, 00,000.

Total liabilities increased by ₹ 4, 00,000.

Total assets increased by ₹ 4, 00,000 with corresponding increase in liabilities by ₹ 4,00,000.

None of the above

Decrease in the amount of trade payables results in

Increase in cash

Decrease in bank overdraft account.

Decrease in assets

None of the above

If an individual asset is increased, there will be a corresponding

Increase of another asset or increase of capital.

Decrease of another asset or increase of liability.

Decrease of specific liability or decrease of capital.

None of the above

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