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