Q1 ________ is computed by subtracting the cost of goods sold from sales revenue
Gross profit
Net profit
Net asset
Total profit
Q2 ________ discount is the amount allowed off normal selling price at the time goods are being sold to encourage the customer to buy the goods
Cordial
Cash
Current
Trade
Q3 _________ entry is an entry that is used to describe the movement of cash between the office and the bank
Systems
Control
Contra
Reflex
Q4 The cash book could be the main cash book and the ________
sub-main
petty
consolidated
central
Q5 _________ helps to decongest the ledger
Cash book
Trial balance
Balance sheet
Profit and loss account
Q6 A ________ is a type of day book, recording transactions where the balance will be included in the trial balance.
statement
ledger
document
cash book
Q7 The following procedure can be adopted when a trial balance fails to agree, except __________
Recast the trial balance
Check that no ledger account has been omitted from the trial balance
Ensure that the trial balance contains the profit figure
Check that each amount entered in the trial balance is on the correct side
Q8 The trail balance does not form part of the double-entry process but is just a ________ that is used to check that the ledger accounts balance
memorandum
an account
statement
journal
Q9 __________ does not form part of the double entry process.
Trial balance
Ledger
Cash book
Statement of Financial position
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