1. In accounting equation approach, equity + Long-term liabilities = fixed asset + current assets - current liabilities.
A) True ✓
B) False
CA Foundation Paper 1
Accounting Process MCQ
Chapter 2 • 94 Questions from ICAI Study Material
Questions
94
Est. Time
71 min
Source
ICAI Book
Question 1 of 94 0 correct | 0 wrong
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Sample Questions: Accounting Process
Preview 8 of 94 MCQs from Chapter 2
2. In the traditional approach, for an entity a debtor will be receiver after sale of goods.
A) True
B) False ✓
3. The rule of nominal account states that all expenses & losses are recorded on credit side.
A) True
B) False ✓
4. Journal proper is also called a subsidiary book.
A) True ✓
B) False
5. Capital account has a debit balance.
A) True
B) False ✓
6. Purchase account is a nominal account.
A) True ✓
B) False
7. All the personal & real account are recorded in P&L A/c.
A) True
B) False ✓
8. Asset side of balance sheet contains all the personal & nominal accounts.
A) True
B) False ✓