11. Which one of the following could not be classified as revenue? a. Goods sold for cash b. Sales on credit c. Fee from the sale of services d. Income from the sale of fixed assets 12. Which of the following statements is incorrect? a. Liabilities + Assets = Capital b. Assets Liabilities = Capital c. Liabilities + Capital = Assets d. Assets - Capital = Liabilities || 13. If the assets of a business are Rs. 100,000 and equity is Rs. 20,000, the value of liability will be? a. Rs. 100,000 b. Rs. 80,000 c. Rs. 120,000 d. 20,000 14. The accounting equation should remain in balance because every transaction affects how many accounts? a. Only one b. Only two c. Two or more d. All of given options 15. Find out value of account receivable from following Cash Rs. 48,000 account payable Rs. 33,000 office equipment Rs. 21,000 owner equity Rs. 77,000? a. Rs. 21,000 b. Rs. 41,000 c. Rs. 15,000 d. Rs. 110,000 16. The liabilities of a business are Rs. 30,000; the capital of the business is Rs. 70,000. The total assets are? a. Rs.70,000 b. Rs. 30,000 c. Rs.40,000 d. None 17. Mr. "A" borrowed money from bank; this transaction involves which one of the following accounts? a. Cash & Bank Loan b. Bank & Debtors c. Drawing & Cash d. Cash & Bank 18. Revenue of the business includes? a. Cash sales only b. Credit sales only c. Credit purchases only d. Both cash sales and credit sales 19. The amount brought in by owner of the business should be credited to? a. Owner Equity b. Drawing c. Cash d. All of above 20. Of the following account types, which would be increased by a debit? a. Liabilities and expenses b. Assets and equity c. Assets and expenses d. Equity and revenues