Fundamentals of Accounting Online Test

Which of given accounting equation is true?

When the incoming partner brings his share of goodwill in cash, it is adjusted by crediting to

From the debit side of Cash Book posting is made to the................side of the ledger accounts

Suresh's Trial balance provides you the following information:

Bad debts Rs.10,000; Provision for doubtful debts Rs.15,000.

Suresh wants to make a provision of Rs.20,000 at the end of the year. The amount debited to the Profit & Loss Account is:

Mr. Mohan started a cloth business by investing Rs.50,000, bought merchandise worth Rs.50,000. He sold merchandise for Rs.60,000. Customers paid him Rs.50,000 cash and assured him to pay Rs.10,000 shortly. The amount of revenue earned by him is:


Basic test to ascertain understanding of plus two commerce students of CBSE. This is essential to know whether the students are prepared to take the CPT exams conducted by the Institute of Chartered Accountants of India, ICAI. This has been prepared by Grey Matter Academics


Your Facebook Friends on WizIQ