Question 1 of 12 52 total questions
A trial balance is a proof of accuracy of
A transactions
B final accounts
C double entry in the ledger
D trading account
E balance sheet
Cash stolen from branch-taking s is recorded in the Head Office books by debiting
A defalcations account and crediting branch stock acccount
B mark-up account and crediting branch stock account
C defalcations account and crediting profit and loss account
D cash account and crediting branch stock account
E branch stock account and crediting defalcations account
Mark-up on goods sent to branch offices are recorded in the books by creating
A stock adjustment account debiting branch stock account
B goods sent to branch account and debiting branch stock account
C branchh stock account and debiting stock adjustment account
D cash account and crediting branch stock account
E branch stock account and crediting defalcations account
A share is under-subscribed when
A it is offered for sale at less than the nominal value
B it is offered for sale at nominal value
C the number of shares applied for is less than the offer
D it is offered for sale at more thn norminal value
E the number of shares applied for is more than the offer
shares are sold at less than nominal value. They are issued at a
A profit
B loss
C discount
D premium
E par
An excess of the value of the assets over the purchases consideration for acquisition of business is credited to
A general reserve
B capital reserve
C goodwill
D current asset
E share capital
Payment for future services are
A prepayment
B deposit
C accruals
D invesment
E advances
Which of the following is a credit item on an income and expenditure account?
A bar expenses
B electricity
C salaries
D subscription
E rates
Which of the following is not contained in the sales ledger control account?
A receipts from debtors
B returns inwards
C returns outwards
D dishonoured cheque
E discunt allowed
Return inwards was understated. The effect is that
A amount of goods available was understated
B cost of sales was understated
C amount of purchase returns was understated
D amount of sales was understated
E amount of sales returns was understated
Which of the following is true of trade discounts?
A they are recorded in the ledger only
B they are not different from cash discount
C they are recorded in journal onlu
D they are recorded in ledgers and journals
E each discount receives double entries
The books of accounts are opened by means of a
A sales journal
B principle journal
C purchases journal
D return inwards journal
E return outwards journal
Next
Question Navigator
1
2
3
4
5
6
7
8
9
10
11
12
