What is the basic accounting equation?

Related Mcqs:

Credit purchase of plant and machinery is recorded in which of the following journals?

A. General journal B. Cash journal C. Purchase journal D. Purchase return journal...

Net loss occurs when______________?

A. Expenses are greater than Income B. Expenses are less than Income C. Expenses=Income D. Liabilities are greater than income...

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...

The standard format of journal does not include which of the following?

A. Assets column B. Date column C. Description column D. Amount column...

If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then

A. Net Profit will decrease by 3,140 B. Gross Profit will increase by 3,320 C. Gross Profit will decrease by 3,500 D. Gross Profit will decrease by 3,320...