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