10 MCQs about Accounting Equation and Theory of Double Entry with correct answer

May 5th, 2015
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10 MCQs about Accounting Equation & Theory of Double Entry with correct answer.These question are for exam practice of O' level student of accounting for best learning.

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1. The prime function of accounting is to:1. Record economic data.2. Provide the information basis for action.3. Classifying and recording business transactions. 4. Summarizing the data. 2. Which of the following statement shows calculation of capital? A. Assets + Capital = Liabilities B. Liabilities - Capital = Assets C. Capital = Assets + Liabilities D. Capital = Assets - Liabilities 3. Identify the incorrect statement: A. Assets - Liabilities = Capital B. Capital - Liabilities = Assets C. Assets = Capital + Liabilities D. Assets - Capital = Liabilities 4. Example of an asset: A. Machinery owned by the firm. B. Money owed by the firm to one of its suppliers, in respect of goods purchased on credit. C. An overdrawn balance on the firm's bank

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