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