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