11th Principles of Accounting MCQS Chapter 1

According to accounting equation, capital is equal to

liabilities – assets

expenses-incomes

assets + liabilities

assets – liabilities

An expenditure which is incurred again and again is a:

Revenue expenditure

Capital expenditure

Deferred expenditure

Future expenditure

Bookkeeping provides the

secondary information

insufficient information

final information

primary information

All cash purchases and cash sales are recorded in:

Purchases book

Both a & b

Sales book

Cash book

Carriage account is a/an

withdrawal account

expenditure A/c

asset account

revenue account