Accounting Equation Quiz 2 – Punjab Meritorious School Preparation Portal

Welcome to your Accounting Equation Quiz 2 CBT TEST

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Name

Email

School Name with City

Phone Number

‘X commenced business on 1st April, 2013 with a capital of ₹ 6,00,000. On 31st March 2014, his sets were worth ₹ 8,00,000 and liabilities ₹ 50,000. Find out his closing capital.

₹ 7,50,000

₹ 2,00,000.

₹ 5,50,000

None of these.

The liabilities of a firm are ₹ 3,000, the capital of the proprietor is ₹ 7,000 The total assets are:

₹ 7,000

₹ 10,000

₹ 4,000

None of these

Amount withdrawn by proprietor for personal use will …. Cash and Capital.

Increase

Decrease

Not Change

None of them

Payment to a creditor means

Increase in asset and decrease in liability

Decrease in asset and decrease in liability.

Decrease in asset and increase in liability.

Increase in asset and increase in liability.

Decrease in one liability may lead to

Decrease in an asset

Increase in another liability

Either (a) or (b)

None of these

Purchase of machine by cash means

Decrease in asset and decrease in liability

Increase in asset and decrease in asset.

Increase in asset and decrease in liability.

Decrease in asset and increase in capital.

Which accounting equation is incorrect out of the following?

Liabilities = Assets – Capitals

Assets = Liabilities - Capitals

Capital = Assets – Liabilities

Assets = Liabilities + Capitals

Which of the following is correct?

An increase in one asset is accompanied by

Decrease in another asset

Increase in a liability

Increase in capital

All of them

Which of the following equation is correct?

Assets + Capital = Liabilities

Assets - Capital = Liabilities

Assets + Liabilities = Capital

None of these

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