Intro to Accounting Chapter 1 MCQs | PRC | CA Foundation |Sir Dawood Assignment | August 2023 | ita

Intro to Accounting Chapter 1 MCQs | PRC | CA Foundation |Sir Dawood Assignment | August 2023 | ita This all material is taken from the assignment of the most famous Sir in Pakistan Sir Dawood Shahid..! This is a revision practice MCQs.It is advised to first clear your concepts from the book and then practice this assignment a week before your exam. I'm myself a CA student and cleared PRC. I attempted ita paper in July 2023 and luckily got 15-20 MCQs from the assignment. There was no solution of this assignment so I made it by myself just for you guys as I'm free in August. It is very fun to do this. This is the first video of this assignment series and I'm going to make 10 videos on this assignment and each video will constitute one chapter MCQs. For PDF version of this assignment Please contact me at: 03167213520 Following Questions are present in this assignment: (1)... If during an accounting period assets increased by rs 7 million and owners’ equity decreased by rs 3 million, then liabilities must have: (2)... Which of the following elements have same nature? (3)Increase in liability and increase in capital results in (4)... Equity is residual interest in the assets of business after deducting current liabilities. Is this definition correct? (5)... Son received money Rs 1,000,000 from his father. Is this a business transaction? (6)... Which of the following is/ are correct? i. Credit entries decrease liabilities and increase income. ii. Credit entries decrease expenses and increase assets (7)... Which two of the following transactions will affect the assets and liabilities of the business at the same time? (8)... Which of these TWO transactions would cause immediate change in equity (9)... Which of the following is/ are correct? 1. Goods taken by owner from business reduce the equity. 2. Expenses paid by business reduces the equity (10)... 30% of the total assets of Akbar Merchant have been financed by Liabilities. The total liabilities of the business are Rs. 600,000. What is the amount of owners’ equity? (11)... The main sources of GAAPs in Pakistan are: (12)... International Financial Reporting Standards are issued by: (13)... A businessman purchased a vehicle for his private use by drawing cash from business. This transaction is related to which of the following concept? (14)... Which TWO of the following will have effect on assets and liabilities? (15)... Which TWO of the following will have effect on assets and liabilities at the same time? (16)... What will define liability (17)... What will define balance sheet? (18)... Which of the following will capitalize the cost of vehicle? (19)... Rent earned from the personal property of Mr. Sanitizer (Owner of business) is included in Business’ statement of profit or loss. (20)... Inventory at year-end should be valued at FIFO instead of weighted average basis as this would result in higher profit. (21)... Another name of equity is: (22)... Increase in Asset and decrease in Capital will ________ liabilities (23)... Sales invoice are issued for (24)... Which of the following statements are correct? (I) Credit entries decrease liabilities and increase income. (II) Credit entries decrease expenses and increase assets. (25)Which of the following is correct? (I) Asset is an economic resource controlled by an entity (II) Equity is residual interest deducting current liabilities (26)Mr. A, the owner of the business, withdraws cash of Rs. 100,000. What is the effect of this transaction? (27)Which one of the following statement is correct? (A) All revenues are income but all incomes are not revenue (B) Distribution of profit is also expense as it decreases the asset of business. (28)Drawing is a concept of: (29)Which TWO of the following are business transactions? (30)Income arises from increase in assets or decrease in a liability resulting in (31)Purchase of machinery for cash (32)Investment of cash into business results in. (33) Son received money Rs 1,000,000 from his father. Is this a business transaction? #education #youtube #business #accounting #commerce #bba #prc #capcut #caf #knowledge #cafoundation #sirdawoodassignmemt #mcqs #Pakistanica #CA #preparation