Practice Pakistan's most useful MCQs for competitive exams

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

• (A)  Expenses
• (B)  Revenues
• (C)  Capital
• (D)  Drawing

Answer

Submitted By :Ali Uppal

Revenue and expense accounts are referred as______________?

• (A)  Nominal accounts
• (B)  Real account
• (C)  Cash accounts
• (D)  Banks account

Answer

Submitted By :Ali Uppal

Which of the following is the normal balance of a rent expense account?

• (A)  Credit balance
• (B)  Cash balance
• (C)  Overdraft
• (D)  Debit balance

Answer

Submitted By :Ali Uppal

Capital of a business decreases if there is an increase in___________?

• (A)  Drawings
• (B)  Income
• (C)  Gains
• (D)  Fresh capital

Answer

Submitted By :Ali Uppal

Capital increases if _________ increases?

• (A)  Expenses
• (B)  Drawings
• (C)  Interest on capital
• (D)  Revenue

Answer

Submitted By :Ali Uppal

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

Answer

Submitted By :Ali Uppal

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

• (A)  $4000
• (B)  $6000
• (C)  $7000
• (D)  $3000

Answer

Submitted By :Ali Uppal

The process of recording is done?

• (A)  Two times a year
• (B)  once a year
• (C)  Frequently during the accounting period
• (D)  At the end of a accounting period

Answer

Submitted By :Ali Uppal

Assets-Liabilities=____________?

• (A)  Cash
• (B)  Equity
• (C)  Net income
• (D)  Net expenses

Answer

Submitted By :Ali Uppal

Current assets – Current liabilities=?

• (A)  Capital
• (B)  Absorbed capital
• (C)  Net assets
• (D)  Net working capital

Answer

Submitted By :Ali Uppal