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