A) Liability B) Asset C) Revenue expenditure D) Capital expenditure
A) Add to liabilities B) Add to sales C) Add to purchases D) Deduct from debtors
A) Nominal accounts B) Real accounts C) Capital and drawings D) Assets and liabilities
A) Determine cost of goods sold B) Reduce sales C) Increase liabilities D) Increase purchases
A) Sales returns B) Credit purchases C) Debts likely to be uncollectible D) Cash discount
A) Profit and loss account B) Trading account C) Cashbook D) Balance sheet
A) An expense B) An income C) A liability D) An asset
A) Income B) Loss C) Liability D) Expense
A) Creditors B) Purchases C) Debtors D) Cash sales
A) Purchases B) Creditors C) Debtors D) Sales
A) P&L account as an expense B) Balance sheet as a liability C) Balance sheet as an asset D) Trading account
A) Income B) Liability C) Expense D) Asset
A) Equity B) Current asset C) Long-term liability D) Current liability
A) Current asset B) Capital C) Current liability D) Income
A) Liability B) Expense C) Capital D) Asset
A) Expense B) Capital C) Asset D) Liability
A) Increase in liabilities B) Assets lose value with use C) Government requirement only D) Assets appreciate with time
A) Deferred revenue B) Capital expenditure C) Revenue expenditure D) Prepayment
A) No depreciation B) Declining depreciation C) Increasing depreciation D) Constant depreciation yearly
A) Book value B) Sales value C) Asset cost only D) Scrap value
A) Market value of asset B) Purchase price C) Salvage value at end of asset life D) Replacement cost
A) Net book value × Rate B) Cost × Rate C) (Cost – Scrap value) ÷ Useful life D) Scrap value × Rate
A) Understated B) Overstated C) Correct D) Zero
A) Intangible asset B) Fixed asset C) Liability D) Current asset
A) Profit and loss account B) Trading account C) Balance sheet only D) Cash book
A) Balance sheet only B) Trading account and balance sheet C) Cash book D) Trading account only
A) Debtors B) Purchases C) Sales D) Expenses
A) Current liability B) Cost of goods sold C) Trading expense D) Distribution expense
A) Debtors only B) Cash balance C) Numerical accuracy of books D) Assets only |