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