| 1 |
Errors which affect one account can be |
- A. errors of principle
- B. errors of posting
- C. errors of omission
- D. none of these
|
| 2 |
Capital contributed by the partners is a: |
- A. Revenue receipt
- B. Capital receipt
- C. Current receipt
- D. Deferred receipt
|
| 3 |
Bad debts are |
- A. deferred expenditure
- B. revenue expenditure
- C. capital expenditure
- D. none of these
|
| 4 |
Receipts, which are non-recurring by nature, are called |
- A. revenue receipts
- B. current receipts
- C. capital receipts
- D. capital profit
|
| 5 |
Raw material destroyed in fire represents |
- A. capital loss
- B. revenue loss
- C. normal loss
- D. both b, c
|
| 6 |
The process of totaling the data at the end of the period is called |
- A. posting
- B. casting
- C. compensating
- D. recording
|
| 7 |
A transaction has been journalized but posted wrongly in the ledger account, it is an: |
- A. Error of positing
- B. Error of principle
- C. Error of omission
- D. Error of commission
|
| 8 |
Unearned income are known as: |
- A. Incomes
- B. Expenses
- C. Liabilities
- D. Assets
|
| 9 |
If the error committed in the capital account, it will affect |
- A. trading account
- B. profit & loss account
- C. trading and profit & loss account
- D. balance sheet
|
| 10 |
A receipt is revenue receipt because |
- A. the amount is small
- B. it relates to routine activity of business
- C. it is received in the accounting year
- D. both b, c
|