| 1 |
The book use to record all credit purchases is called: |
- A. Purchases book
- B. Purchase return book
- C. Cash book
- D. Creditor book
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| 2 |
The creditor of the business are called: |
- A. Assets
- B. Liabilities
- C. Capital
- D. Income
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| 3 |
An error completely omitted to be entered in the journal |
- A. partial error
- B. error of posting
- C. error of casting
- D. complete error
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| 4 |
Which one of the following in used to simplify work, to be done at the end of period |
- A. Balance sheet
- B. Income sheet
- C. Bank statement
- D. Work sheet
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| 5 |
Bad debts are business |
- A. Expenses
- B. Liabilities
- C. Assets
- D. Revenue
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| 6 |
Depreciation of fixed assets used in the business is an example of |
- A. capital expenditure
- B. Revenue expenditure
- C. Deferred expenditure
- D. None of these
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| 7 |
A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called |
- A. Position statement
- B. Statement of condition
- C. Financial statement
- D. Bank reconciliation statement
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| 8 |
An expenditure, which is completely exhausted with in the current accounting period is known as |
- A. Deferred expenditure
- B. Revenue expenditure
- C. Future expenditure
- D. Non-recurring expenditure
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| 9 |
Income tax paid is a |
- A. Business expense
- B. Revenue for business
- C. Liability of business
- D. Personal expense
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| 10 |
From business point of view, Interest on capital is considered as |
- A. An income
- B. An expense
- C. A profit
- D. A liability
|