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