The Basic accounting equation is___________?
AAssets=Capital+Liabilities
BAsset=Expense +Income
CAssets=Cash+Capital
D
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Correct answer
A. Assets=Capital+Liabilities
Explanation
Assets=Capital+Liabilities is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
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C. Credit side of Cash Book
Explanation
Credit side of Cash Book is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
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B. Outstanding checks
Explanation
An unpresented check is a check written by a company and entered in its records, but the check has not yet cleared the company’s checking account. In other words, the check has not yet been paid by the bank on which the check is drawn. An unpresented check is also known as an outstanding check.
Correct answer
C. Voucher
Explanation
Voucher is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
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C. Debited to P&L A/c
Explanation
Any item appearing in the Trial Balance will have one effect i.e., depreciation appearing in the Trial Balance will be debited to the Profit & Loss Account. However, if depreciation is given in the adjustments, it will have double effect i.e., it should be debited to P&L A/c and deducted from the gross fixed asset block in the Balance Sheet also.
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D. Historical cost – Depreciation portion thereof
Explanation
Historical cost – Depreciation portion thereof is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
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B. Ledger account
Explanation
Ledger account is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
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A. Accounting
Explanation
Accounting is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
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D. Current Assets
Explanation
Current Assets is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Adjusted
Explanation
Adjusted is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.