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