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