The real accounts are accounts of Assets, liabilities and ___________?

Related Mcqs:

1. If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?

   A. $5000
   B. $10,000
   C. $15,000
   D. $20,000

2. A chart of accounts generally start with which of the following types of accounts?

   A. Assets accounts
   B. liability accounts
   C. Cash accounts
   D. Revenue accounts

3. The excess of current assets over current liabilities is called:

   A. Working Capital
   B. Circulating capital
   C. Fixed capital
   D. Trading capital

4. Find out the value of assets if: Liabilities=$5000 and Capital=$1000

   A. $4000
   B. $6000
   C. $7000
   D. $3000

5. Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000

   A. $6000
   B. $10,000
   C. $5000
   D. $1000

6. Current assets – Current liabilities=?

   A. Capital
   B. Absorbed capital
   C. Net assets
   D. Net working capital

7. Assets-Liabilities=____________?

   A. Cash
   B. Equity
   C. Net income
   D. Net expenses

8. Which of the following accounts can be classified as a real account?

   A. Rent expenses account
   B. Rent income account
   C. insurance expenses account
   D. Cash account

9. If the total liabilities of a business decrease by $5000 what will be the effect on total asset?

   (assuming the amount of capital remain same)

   A. Remain constant
   B. Decrease by $5000
   C. Increase by $5000
   D. Increase by $10,000

10. If a company has contingent liabilities, they appear in the__________?

    A. Balance Sheet
    B. Directors‘ report
    C. Notes on account to Balance Sheet
    D. Chairman‘s report

    Contingent liabilities are disclosed in the notes to Balance Sheet