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