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Account Balance Quiz

Economic resources owned by a business and expected to benefit for the future operations are called: 

Bank Reconciliation Statement is prepared by:

Expenditures incurred anually on renewal of patent are known as:

Which of the following account will be credited, when the goods are purchased on cash?

If the cost of sales is $60,000, sales are $95,000 and operating expenses are $20,000 during the year, what would be the value of Gross Profit?

Which of the following account balance will be shown on debit side of Trial Balance? (It is assumed that all account balances are shown on normal balance).

The amount of salary paid to Mr. Sohail should be debited to:

Which of the following account will be credited, if business bought goods on credit from Mr. Ali?

The unfavorable balance of Profit and Loss account should be:

Which of the following is NOT an example of Current Asset?