(A) Assets and Expenses
(B) Assets and Income
(C) Liabilities and Income
(D) Liabilities and Expenses
The answer is: (A) Assets and Expenses
In accounting, a debit entry usually represents assets and expenses.
Accounting MCQs Questions with Answers and Solutions. Basic Accounting and auditing MCQ for Test Preparation.
(A) Assets and Expenses
(B) Assets and Income
(C) Liabilities and Income
(D) Liabilities and Expenses
The answer is: (A) Assets and Expenses
In accounting, a debit entry usually represents assets and expenses.
(A) sales
(B) purchases
(C) overdrafts
(D) none of these
The answer is: (B) purchases
(A) Future economic benefits for the business
(B) All kind of benefits for the business
(C) Expenses for the business
(D) Merits and Demerits for the business
The answer is: (A) Future economic benefits for the business
(A) Resources
(B) Obligations
(C) Future benefits
(D) Expenses
The answer is: (B) Obligations
Liabilities are obligations.
(A) Raw material being purchased on credit
(B) Non-current assets being purchased on credit
(C) A supplier being paid by cheque
(D) Wages being paid in cash
The answer is: (D) Wages being paid in cash
(A) carriage inwards
(B) production wages
(C) production materials
(D) factory rent
The answer is: (D) factory rent
(A) capital
(B) current assets
(C) current liabilities
(D) fixed assets
The answer is: (B) current assets
Accounting multiple choice questions with answers for test preparation.