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