Showing posts with label Quiz. Show all posts
Showing posts with label Quiz. Show all posts

Monday, 2 November 2015

Accounts Quiz 3

  1. The process of communicating financial information to people outside of an organization.
  2. The expanded accounting equation includes revenues, expenses, common stock, dividends, paid in capital, and ________.
  3. Resource accounts with the same balance as expenses.
  4. A formula used to compute and balance double entry accounting.
  5. Unearned revenues are what type of account?
  6. Paid in capital is what type of account?
  7. What do journal entries record?
  8. The concept that debits will always equal credits.
  9. A record or document that contains account summaries for accounts used by a company.
  10. An account with an opposite balance.
           Post your answers in the comments section. 

Monday, 13 February 2012

Classify the below accounts...

Classify the following accounts into (a) personal accounts, (b) real accounts, and (c)nominal accounts:

  1. Furniture Account
  2. Salaries Account
  3. Outstanding Wages Account
  4. National Trading Co. Ltd.'s Account
  5. Stationery Account
  6. Prepaid Insurance Account
  7. Capital Account
  8. Interest Account
  9. Buildings Account
  10. Purchases Account
  11. Cash Account
  12. Bank Account
  13. Sales Account
  14. Commission Received in Advance Account
  15. Discount Account
  16. Drawings Account
  17. Loan Account
  18. Mysore Store's Account
  19. Repairs to Machinery Account
  20. Stock Account
  21. Investments Account
  22. Loose Tools Account
  23. Bangalore Sports Club's Account
  24. Loss of Goods by Fire Account
  25. Motor Vans Account
  26. Rent Account
  27. Carriage Account
  28. Charity Account
  29. Postage Account
  30. Sales Returns Account
  31. Purchases Returns Account
  32. Goodwill Account
  33. Depreciation Account
  34. Bad Debts Account
  35. National College's Account
  36. Bangalore Corporation Account
  37. Bad Debts Recovered Account
  38. International Traders Account
  39. Bank Overdraft Account


Contra entry example

Contra Entry :- If a transaction requires entries on both the debit and the credit sides simultaneously, it is called 'Contra entry...