When expenses are paid on behalf of the venture, the accounting entries is to debit A bank account and credit joint venture account B expenses account and credit bank account C joint venture account and credit expenses account D joint …
A part of public company’s profits belonging to the shareholders is A public issue B bonus C right issue D dividends Answer is D Dividend is known as the kind of benefit enjoyed by the shareholder for investing their fund …
An evidence of payment issued to a government ministry by a revenue collector is A treasury receipt B receipt voucher C payment voucher D treasury card Answer is B
Which of these is a content of a master file? A All records relevant to the organisation. B Records of assets of the organisation C A collection of data items D All records relating to employees Answer is A All …
Subscription in advance is treated in the balance sheet as a A current asset B current liability C fixed asset D long term liability Answer is B current assets are assets of the company that can be easily converted to …
The correct expression of accounting equation is A Assets = Liabilities + Equity B Net assets = Liabilities + Equity C Assets + Liabilities = Equity D Assets = Equity – liabilities Answer is A The fundamental accounting equation is …
The principle of double entry developed from the axioms of accounting equation is given as A Assets + Liability = Equity B Assets + Equity = Liabilities C Liabilities + Equity = Asset D Liabilities + Equity = Net assets …
What is the effect of transaction when cash is paid into the bank A Bank balance decrease and cash balance increase B bank balance decrease and cash balance decrease C cash balance increase and bank balance increase D cash balance …
The tier of government that uses financial memorandum A Federal government B state government C local government D municipal government Answer is C
Which of the following is used to service all operations of government? A Consolidated Revenue Fund B Consolidated Reserve Fund C Special Operational Fund D General-Reserve Fund Answer is A consolidation revenue fund generate its revenue through allocation from the …
The discount column on the left-hand side of cashbook represents a discount A received from a creditor B allowed to a debtor C received from a debtor D allowed to a creditor Answer is B Allowed to a debtor: the …