Which of the following is a fictitious asset? a) Overdraft b) Cash in hand c) Reserve d) Preliminary expenses
A subsidiary record is a book a) Of original entry b) Containing the ledgers c) Found in the journal d) Containing the balance sheet
Use the following information to answer questions 6 and 8 Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being #4,000. The following transactions took place for a particular month: # Dec …
Prime cost consists of a) Direct material and direct labour cost b) Direct material, direct labour and direct expenses c) Direct material, direct labour, direct expenses and overhead d) Direct material and direct expenses
1. Which of the following is a fictitious asset? a. Overdraft b. Cash in hand c. Reserve d. Preliminary expenses
The amount by which assets exceed specific liabilities is called a) Reserve b) Provision c) Premium d) Bonus
A subsidiary record is a book a) Of original entry b) Containing the ledgers c) Found in the journal d) Containing the balance sheet
In which ledger is the Control Account prepared? a) Nominal ledger b) General ledger c) Sales ledger d) Purchases ledger
Which of the following explains the short term solvency of a company? a) Acid test ration b) Debtor to equity ratio c) Net profit margin ration d) Gross profit margin ratio
Prime cost consists of a) Direct material and direct labour cost b) Direct material, direct labour and direct expenses c) Direct material, direct labour, direct expenses and overhead d) Direct material and direct expenses
Which of the following is not an example of a fictitious asset? a) Raw materials stock b) Debit balance of Profit and Loss Account c) Preliminary expenses of a limited company d) Expenditure on incorporation carried forward
Use the following information to answer questions 6 and 8 Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being #4,000. The following transactions took place for a particular month: # Dec …