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