Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please choose the correct answer only . I need the answer for all the questions. No detailed solution is required ... I will upvote if

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Please choose the correct answer only . I need the answer for all the questions. No detailed solution is required ... I will upvote if you solve them all

estion 10 Identify the account to be Credited for the following business transaction: "Billed customer for repairing service on credit OMR 680" is: yet swered rked out of O a. Cash A/C O b. Service Revenue A/C O c. Account Receivable Alc. O d. Account Payable Remove a Question 11 Journal Entry for "Purchase of Machinery on credit OMR 930" Not yet answered Marked out of 1 O a. Dr. Account Payable A/c and Cr. Machinery a/c O b. Dr. Machinery A/c and Cr. Account Payable O c. Dr. Machinery A/c and Cr. Account Receivable O d. Dr. Account Receivable and Cr. Machinery A/C Remove flag Question 13 "Mr. A Started business by investing OMR 3,900 in cash" the account to be Credited for the transaction in the journal is Not yet answered O a. Account Receivable Marked out of 1 O b. Cash O c. None of these Remove flag O d. Capital Question 14 Not yet Mr. Hamid, a business man, purchased supplies on credit OMR 2,620 to sell in his shop. Identify the suitable account book of the business to record the transaction for the first time. answered Marked out of 1 O a. Ledger Ob Trial Balance Remove flog O c. Balance Sheet O d. Journal Question 15 During a reporting period, a company's assets increase by OMR 80,000. Liabilities decrease by OMR 20,000. Equity must therefore? Not yet answered Marked out of O a. Decrease by OMR 100,000 O b. Decrease by Rs. 60,000 O c. Increase by Rs. 60,000 O d. Increase by Rs. 100,000 Remove flag Question 16 Accounting play very important role because Not yet answered O a. All of these Marked out of 1 O b. It helps to users to take decisions O c. It helps to ascertain financial positions O d. It helps to ascertain operating results Remove flag Question 18 Not yet answered Match the following accounting rules with the corresponding equity, expenses and assets and find out the correct one. L Increase is debited for Equity IL Decrease is credited b. for Expenses Marked out of 1 III. increase is credited c. for Assets Remove flag Od 1-cill-b; ill-a O b. 1- b; ll - a; Ill-C O c. I-a; 11 - b; ill- Q Od 1 - a; ll - b; lil-C Question 20 Not yet Calculate the revenue of the business, from the following transactions using accrual basis of accounting, Sold one television for cash OMR 240. Performed repairing service to customer on credit for OMR 25 answered Marked out of 1 Remove flag O a OMR 240 O b. OMR 25 O c. OMR 215 O d. OMR 265

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations of Financial Management

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

15th edition

77861612, 1259194078, 978-0077861612, 978-1259194078

Students also viewed these Accounting questions

Question

What are some future trends for blockchain and explain?

Answered: 1 week ago