Quiz  /  Balance Sheet Gate & PSU MCQ Questions With Answers

  • 1. 
    Choose the effect of the transaction:Purchased $50 worth of equipment on account

  • +50 Equipment - 50Cash
  • -50 Cash +50 Equipment
  • +50Equipment + 50 Trade Payable
  • None of the Above

  • 2. 
    Choose the effect of the transaction:Borrowed $50 from the bank

  • +50 Cash + 50 Bank Loan
  • +50Cash + 50 Loan
  • +50Cash -50 Bank Loan
  • None of the Above

  • 3. 
    Choose the effect of the transaction: The owner started a business and invested his cash $50 and an Equipment $50 with a trade payable of $5.00

  • +50 Cash +45 Equipment + 95 Capital
  • +50Cash + 50 Equipment + 5 Trade Payable + 50 Capital
  • +50Cash + 50 Equipment + 5 Trade Payable + 100 Capital
  • None of the Above

  • 4. 
    Choose the effect of the transaction:Owner withdrew cheque $5 for birthday party for his son.

  • +5 Cash +5 Drawings
  • -5 Cash + Capital
  • -5 Bank - Capital
  • None of the Above

  • 5. 
    Choose the effect of the transaction:Paid the trade payable by check $50.

  • + 50 Bank - 50 Trade Payable
  • -50 Cash - 50 Trade Payable
  • -50 Bank - 50 Trade Payable
  • None of the Above

  • 6. 
    Choose the effect of the transaction:Owner withdrew $50 for his vacation

  • + 50 Cash + 50 Capital
  • -50 Cash - 50 Capital
  • -50 Bank - 50 Capital
  • None of the Above

  • 7. 
    Choose the effect of the transaction:Sold the furniture by cash $5.

  • +5 Cash +5 Furniture
  • -5 Bank -5 Furniture
  • -5 Bank - Capital
  • None of the Above

  • 8. 
    Choose the effect of the transaction:Purchased equipment on credit.

  • + Asset + Liability
  • +Asset - Liability
  • -Asset + Liability
  • -Asset + Liability

  • 9. 
    Choose the effect of the transaction:Transferred cash $50 to business's bank account

  • +50 Bank - 50Cash
  • -50 Cash +50 Bank
  • +50Cash -50Bank
  • None of the Above

  • 10. 
    Choose the effect of the transaction:Sold equipment by cash worth $1000

  • + 1000 Cash + 1000 Equipment
  • +1000 Bank + 1000 Equipment
  • + 1000 Cash + 1000 Bank
  • None of the Above

  • 11. 
    Choose the effect of the transaction:Withdrew cheque for business' use $50.

  • +50 Bank - 50Cash
  • -50 Cash +50 Bank
  • +50Cash -50Bank
  • None of the Above

  • 12. 
    Choose the effect of the transaction:Received $50 from a customer in the business' receivable.

  • +50 Cash + 50 Trade Receivable
  • +50Cash + 50 Trade Receivable
  • +50Cash -50 Trade Receivable
  • None of the Above

  • 13. 
    Choose the effect of the transaction:Acquired a company car by cheque $50000

  • +50000 Vehicle + 50000 Bank
  • +50000 Vehicle + 50000 Cash
  • +50000 Vehicle -50000 Bank
  • None of the Above

  • 14. 
    Choose the effect of the transaction:Incurred a bank overdraft of $5.00 in using the bank account of the business.

  • +5 Cash + 5 Bank Overdraft
  • -5 Bank -5 Bank Overdraft
  • + 5 Bank + 5 Bank Overdraft
  • None of the Above

  • 15. 
    Choose the effect of the transaction:Bought office supplies by cash $5.

  • +5 Office Supplies -5 Cash
  • -5 Cash +5 Supplies
  • +5 Office Supplies +5 Bank
  • None of the Above
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