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