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