Question # 1

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

Business debts are known as

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Liabilities

Expenses

Assets

Owner's

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

Bank reconciliation represents

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Ledger

Statement

Journal

Both ledger and statement

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

Freight paid on machinery purchased is a

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Revenue expenditure

Capital expenditure

Capital loss

Revenue loss

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