1. Of the following account types, which would be increased by the credit?
- Liabilities and expenses
- Assets and equity
- Assets and expenses
- Equity and revenuesd
2. Matching concept of accounting is to match the expenses incurred during the accounting period with the revenues recognized
- During previous period
- During same period
- During next period
- During future period
3. Under cash method of accounting, all incomes and expenses are considered to be earned only when they are received and payment in
- cash
- kind
- person
- future period
4. Double entry system of book keeping where each transaction is recorded in …. of its aspects
- one
- both
- many
- individual
5. There are …. types of accounts
- one
- two
- many
- three
6. Increase in assets is
- debit
- credit
- sales
- sales return
7. Increase in Liabilities is
- debit
- credit
- sales
- sales return
8. Expenses are always
- debit
- credit
- profit
- purchase
9. An expense does not bring into existence an asset but is incurred if the process of producing revenue
- Revenue expenditure
- capital expenditure
- incomes
- Purchase
10. An expenditure that brings into existence an asset of lasting value or benifit of an enduring nature or a valuable right is
- Revenue expenditure
- capital expenditure
- incomes
- Purchase