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Items also address journal entry logic and the nature of contra accounts, including ledger versus journal usage and credit/debit effects.",{"@graph":14,"@context":72},[15,34,55],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/document/","Document",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/document/exam/","Exam",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/document/accounting-mcq-drawings/663506/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/accounting-mcq-drawings/663506.png","ImageObject",300,407,{"name":42,"@type":43},"Levi","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-30","2026-10-28",true,{"@type":52,"interactionType":53,"userInteractionCount":22},"InteractionCounter",{"@type":54},"ViewAction",{"@type":56,"mainEntity":57},"FAQPage",[58,64,68],{"name":59,"@type":60,"acceptedAnswer":61},"What is the accounting equation relationship that shows equal balance?","Question",{"text":62,"@type":63},"The statement represented by (Assets - Liabilities - Capital) corresponds to a zero balance.","Answer",{"name":65,"@type":60,"acceptedAnswer":66},"When cash or goods are withdrawn for personal use by the owner, what account is used?",{"text":67,"@type":63},"Such withdrawals are recorded as Drawings.",{"name":69,"@type":60,"acceptedAnswer":70},"What journal entry is used for purchasing equipment on cash?",{"text":71,"@type":63},"Debit Equipments and credit Cash.","https://schema.org",{"og:url":32,"og:type":74,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":76,"canonical":32},"index,follow",{"doc_id":78,"site_id":7},663506,1793228768,{"code":4,"msg":81,"data":82},"success",[83,87,91,94,99,104,109,114,119,122,126],{"id":22,"doc_module":4,"doc_module_name":25,"category_name":84,"show_sort_weight":85,"slug":86},"Story & Novel",90,"story-novel",{"id":26,"doc_module":4,"doc_module_name":25,"category_name":88,"show_sort_weight":89,"slug":90},"Literature",80,"literature",{"id":33,"doc_module":4,"doc_module_name":25,"category_name":29,"show_sort_weight":92,"slug":93},70,"exam",{"id":95,"doc_module":4,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},5,"Comic",60,"comic",{"id":100,"doc_module":4,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},6,"Technology",50,"technology",{"id":105,"doc_module":4,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},7,"Healthcare",40,"healthcare",{"id":110,"doc_module":4,"doc_module_name":25,"category_name":111,"show_sort_weight":112,"slug":113},8,"Research & Report",30,"research-report",{"id":115,"doc_module":4,"doc_module_name":25,"category_name":116,"show_sort_weight":117,"slug":118},9,"Religion & Spirituality",20,"religion-spirituality",{"id":117,"doc_module":4,"doc_module_name":25,"category_name":120,"show_sort_weight":117,"slug":121},"World Cup","world-cup",{"id":123,"doc_module":4,"doc_module_name":25,"category_name":124,"show_sort_weight":123,"slug":125},10,"Lifestyle","lifestyle",{"id":127,"doc_module":4,"doc_module_name":25,"category_name":128,"show_sort_weight":95,"slug":129},19,"General","general",{"code":4,"msg":81,"data":131},{"doc_id":78,"user_id":132,"nickname":42,"user_avatar":133,"doc_module":4,"category_id":33,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":22,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":33,"language":139,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":12,"update_tm":79,"read_time":123},7971461740909,"https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d","Accounting is a language of.  \nA . Accountants  \nB . Business  \nC . Economy  \nD . Science ANSWER: B  \nAccounts payables are also called.  \nA . Creditors  \nB . Debtors  \nC . Book Debts  \nD . Expense ANSWER: A  \nConcession OR deduction allowed by a trader on list price of a product on spot of sale, is called.  \nA . Cash Discount  \nB . Discount Allowed  \nC . Trade Discount  \nD . Discount Received ANSWER: C  \nAmount of cash or goods which is withdrawn from business for personal use of owner is recorded as.  \nA . Expense  \nB . Asset  \nC . Liabilities  \nD . Drawings ANSWER: D  \nSales returns are also termed as.  \nA . Carriage Inward  \nB . Return Outwards  \nC . Return Inwards  \nD . None of Above ANSWER: C  \nIn Accounting Equation income earned and received in cash is recorded as  \nA . Increase in Cash and increase in Capital  \nB . Increase in Cash and increase in Creditors  \nC . Increase in Cash and increase in Debtors  \nD . None of Above ANSWER: A  \nIn Accounting Equation (Assets -Liabilities -Capital) represent.  \nA . Negative balance  \nB . Positive Balance  \nC . Equal Balance  \nD . Zero Balacne ANSWER: D  \nIn Accounting Equation cash received from debtors will.  \nA . Increase capital and decrease debtors  \nB . Increase cash and decrease debtors  \nC . Decrease cash and decrease debtors  \nD . Decrease capital and decrease debtors ANSWER: B  \nWhich of the follwoing is correct.  \nA . Capital = Assets + Liabilities  \nB . Liabilities = Capital + Assets  \nC . Assets -Capital = Liabilities  \nD . All above ANSWER: C  \nIn Accounting Equation rent paid for office will be recorded as.  \nA . Decrease in cash and decrease in capital  \nB . Decrease in cash and increase in expense  \nC . Decrease in cash and increase in liability  \nD . Increase in cash and increase in capital ANSWER: A  \nCollection of accounts is called.  \nA . Balance Sheet  \nB . Income Statement  \nC . Ledger  \nD . Journal ANSWER: C  \nFor purchase of Equipments on cash, following journal entry will be passed.  \nA . Equipments-debit and cash- credit  \nB . Asset debit- and cash- credit  \nC . Machinery-debit and accounts payble- credit  \nD . Machinery-debit and cash- credit ANSWER: A  \nWhen goods are lost by fire which account will be credited.  \nA . Sales  \nB . Loss by fire  \nC . Purchases  \nD . Drawings ANSWER: C  \nWhich of the following accounts is contra account by nature.  \nA . Sales Return  \nB . Purchase Return  \nC . Drawings  \nD . All above ANSWER: D  \nWhich account will be credited when owner brings money or goods into the business.  \nA . Assets  \nB . Drawings  \nC . Capital  \nD . Revenue ANSWER: C  \nA business owned by two or more individuals is called.  \nA . Sole proprietorship  \nB . Cooperative Society  \nC . Partnership  \nD . Corporation ANSWER: C  \nModern system of book keeping is.  \nA . Single Entry System  \nB . Modern System  \nC . Double Entry System  \nD . None of Above ANSWER: C  \nThe articles purchased for the purpose of selling are known as.  \nA . Merchandise  \nB . Assets  \nC . Debtors  \nD . Creditors ANSWER: A  \nEconomic resources which have useful life of more tahn one acouting period are termed as.  \nA . Liabilities  \nB . Expenses  \nC . Income  \nD . Assets ANSWER: D  \nA summarized record of transactions relating to a person or thing is known as.  \nA . Journal  \nB . Account  \nC . Ledger  \nD . transaction ANSWER: B  \nIn Accounting Equation income earned but not received is recorded as.  \nA . Increase in Cash and increase in Capital  \nB . Increase in Cash and increase in Creditors  \nC . Increase in Capital and increase in Debtors  \nD . None of Above ANSWER: C  \nIn Accounting Equation (Assets = Liabilities + Capital) represent.  \nA . Negative balance  \nB . Positive Balance  \nC . Equal Balance  \nD . None of the Above ANSWER: C  \nIn Accounting Equation cash paid to creditors will.  \nA . Decrease cash and decrease creditors  \nB . Increase cash and decrease debtors  \nC . Increase capital and decrease debtors  \nD . Decrease capital and decrease debtors ANSWER: A  \nWhich of ","cbCaiqsgU9oDZMey","https://ap.wps.com/l/cbCaiqsgU9oDZMey","pdf",55667,"English","# Accounting Equation and Transaction Effects\n## Debits, Credits, and Journal Entries\n## Key Accounts and Terminology","[{\"question\":\"What is the accounting equation relationship that shows equal balance?\",\"answer\":\"The statement represented by (Assets - Liabilities - Capital) corresponds to a zero balance.\"},{\"question\":\"When cash or goods are withdrawn for personal use by the owner, what account is used?\",\"answer\":\"Such withdrawals are recorded as Drawings.\"},{\"question\":\"What journal entry is used for purchasing equipment on cash?\",\"answer\":\"Debit Equipments and credit Cash.\"}]","Accounting MCQ - Drawings | PDF"]