accounting equation

If the assets of a business ss are ₹100,000 and equity is ₹20,000, the value of liability will be

• ₹1,00,000

• ₹80,000

• ₹ 1,20,000

• ₹20,000

Accounting equation is the base of

• Single entry system

• Double entry system

• both of them

• none of them

On January 1st 2009 an entity"s balance sheet showed total asset of ₹850 and total liabilities of ₹250. Owners equity at January 1st was?

• 850

• 250

• 1100

• 600

Purchase good on cash will effect

• Cash and Good

• Cash Good and Creditor

• Cash and Creditor

• Cash Creditor and Owner's Equity

which of the following will cause owner"s equity increase

• Expense

• Owner Drawee

• Revenue

• Loss

Which of these not include as a separate item in the basic accounting equation?

• Asset

• Liability

• Revenue

• Equity

The accounting equation should remain in balance because every transaction affects how many accounts?

• Only one

• only two

• two or more

• all of the above

Which of the following is not a correct form of the Accounting Equation?

• Assets = Claims

• Assets = Liabilities + Owner Equity

• Assets – Liabilities = Owner’s Equity

• Assets + Owner’s Equity = Liabilities

Find out value of account receivable from following Cash ₹ 48,000 account payable ₹33,000 office equipment ₹21,000 owner equity ₹77,000?

• ₹21,000

• ₹41,000

• ₹15,000

• ₹1,10,000