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Question Practice

If total debits are $10,000 and total credits are $8,000, what is the effect on the accounting equation?

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MCQ_SA
CBSE
Class 11
Accountancy
Financial Accounting - I
Recording of Transactions - I
Question Bank

If total debits are $10,000 an...

Single Answer MCQ
Q-00053908

If total debits are $10,000 and total credits are $8,000, what is the effect on the accounting equation?

1

Assets exceed liabilities

2

Liabilities exceed assets

3

Equity increases by $2,000

4

The accounting equation is balanced

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