1. Payment of warehouse rent of AED 3000 is an example of;

Group of answer choices

Expenditure

Capital Expenditure

Revenue Expenditure

Petty Cash

2. If the transaction mentions "purchased office machinery for cash", in this transaction cash will be.............

Group of answer choices

None of the above

Debited

No impact on cash

Credited

3. The capital introduced by the owner will be treated as;

Group of answer choices

Liability

Contra-Asset

Asset

Long-term investment

4. For every debit (Dr) there has to be an equal and corresponding credit (Cr), this is the rule of;

Group of answer choices

Cash flow statement

Balance sheet

Income statement

Double entry system

5. Discount allowed is a.....................

Group of answer choices

Expense

Liability

Income

Loss

6. The concept that argues that business has an identity of its own is called...............

Group of answer choices

Money Measurement Concept

Separate Entity Concept

Going Concern Concept

Accrual Concept

7. The principles that argue that accountants must be free from any bias and act as per the proof available is called..................

Group of answer choices

Verifiable objective evidence principle

Matching principle

Dual aspect principle

Principle of full disclosure

8. Which financial statement is prepared to explain the changes in the capital?

Group of answer choices

Statement of changes in owner's equity

Statement of cash flows

Income statement

Balance sheet

9. The statement prepared to explain the net increase or decrease in the cash resources of the organization is called?

Group of answer choices

Statement of changes in owner's equity

Balance sheet

Statement of cash flows

Income statement

10. John paid AED 10,000 to Goldman Incorporation in cash, in this transaction John will be.............

Group of answer choices

credited

debited

will remain unchanged

none of the above