GNDU B.Com (Bachelor of Commerce) Practice Quiz

Question 1

The accounting equation is:

Accepted Answer

Assets = Liabilities + Capital

Question 2

The rule for a personal account is:

Accepted Answer

Debit the receiver, credit the giver

Question 3

Rent paid is recorded under which type of account?

Accepted Answer

Nominal account

Question 4

Double entry is called scientific because it:

Accepted Answer

Follows uniform rules and records both aspects giving complete results

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