Question 1 of 10 50 total questions
The undistributed profits of a limited liability company is
A goodwill
B working capital
C net profit
D rtained earings
E net loss
Working capital is measured by the excess of
A current liabilities over current assets
B fixed assets over current assets
C currents assets over current liabilities
D current assets over fixed assets
E long term liabilities fixed assets
Which of the following is an example of Personal Accounts?
A stock
B fixture
C equiptment
D rent
E debtors
Subscription in advance is an example of
A payment
B accual
C debtors
D provision
E reserves
The accounting entries required for increase in provision for doubtful debts are
A debit profit and loss account, credit provision for doubtful debts account
B credit provision for doubtful debts account; debit profit and loss account
C credit trading account; credit provision and doubtful debts account
D credit trading trading account; debit provision for doubtful debts account
E credit debtor's account; debit provision for doubtful debts account
If incorrect entries on the debit side equal other incorrect entries on the credit side, the error is that of
A ordinary entry
B omission
C commission
D compensation
E principle
Which of the following is not a debit entry on a sales ledger control account?
A goods sold
B cash received
C dishonoured cash
D payment to debtors for claim
E interest charges
The reward given to a debenture holder is called
A profit
B reserve
C premium
D dividend
E interest
Which of the following is the basis of accounting in the Civil Service?
A accrual
B cash
C income
D expenditure
E profit
Which of the following is the effect of a reduction in the provision for doubtful debts?
A reduction in net profit
B reduction in cash balance
C reduction in gloss profit
D increase in gross profit
E increase in net profit
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