What is equity?

Related Mcqs:

Cash purchases is recorded in which of the following specialized journals?

A. Purchase journal B. Sales journal C. Purchases return journal D. Cash payments journal...

Identify the asset from the following:

A. Cash and cash equivalent B. Creditors C. Notes payable D. Bank loan...

Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

A. Drawings B. Cash C. Business D. Stock...

While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result

A. Previous year‘s profit is overstated and current year‘s profit is also overstated. B. Previous year‘s profit is understated and current year‘s profit is overstated. C. Previous year‘s profit is overstated and current year‘s profit is understated. D. There will be no impact on the profit of either the previous year or the current year....

Which of the following is a Real A/c?

A. Salary A/c B. Bank A/c C. Building A/c D. Goodwill A/c...