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