Question # 1

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

To any business bad debts is

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An asset

An Income

A loss

A liability

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

Discount received is a

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Asset

Revenue

Liability

Expenses

Favourable bank balances means

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Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

If more than two accounts are involved in one transaction the journal entry is called

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Simple entry

Skeleton entry

Compound entry

Double entry

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

A cost whose magnitude will be affected by decision being made is called

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Historical cost

Relevant cost

Irrelevant cost

Sunk cost

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

The cost flow must match the

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Output

Outflow

Inflow

Workflow

Good received note is prepared by

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Purchase department

Sales department

Receiving department

All of the above

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All of the above

In job order costing system, each job is assigned a job cost

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Unit

Center

Driver

Sheet

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

None

Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called

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Future cost

Replacement cost

Imputed cost

Sunk cost

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