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