Which of the following errors will affect the agreement of the trial balance? A Error of original entry B Error of commission C Error of transposition D Error of omission Answer is C
The financial statement which is an expression of the accounting equation is the A Trading account B Profit and loss account C Balance sheet D Statement of cash flow Answer is C
When a fixed asset is disposed off, the accounting entries to write off the asset are Debit A Profit and loss account; credit asset disposal account B Asset disposal account; credit profit and loss account C Asset disposal account, credit …
Debts that a firm is unable to recover are debited to bad debts account and credited to A Suppliers account B Sales account C Customers account D Cash account Answer is A
A loan to a company under the company’s seal is A Fixed deposit B Mortgage C Bond D Debenture Answer is B
Assets which are readily convertible into cash are termed as A Liquid assets B Fixed assets C Intangible assets D Tangible assets Answer is A
The transfer of money from one sub-head to another in the public sector is A Budgeting B Allocation C Virement D Vote Answer is C
In the purchase of a business, a buyer has paid more than the value of the net assets of the business. The excess payment is referred to as A Bonus B Goodwill C Net profit D Premium Answer is B
Which of the following expenses is apportioned between departments based on sales? A Discount received B Electricity C Carriage inwards D Carriage outwards Answer is D
The total of the discounts received column in the three column cash book is? A Debited to discounts received account B Credited to discounts received account C Debited to discounts allowed account D Credited to discount allowed account Answer is …
Which of the following is a source of local government revenue? A Excise duties B Market dues C Import duties D Loans and grants Answer is B
The cost of goods returned by branch to head office is debited A Branch stock adjustment account B Goods sent to branch account C Branch stock account D Branch profit and loss account Answer is C