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