Question # 1

Which of the following is NOT include in the specimen of a payment voucher?

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Name of organization

cash payment amount

date of transaction

Bank receipt

Word credit is derived from

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Latin

English

French

Chinese

Which of the following account will be credited if business purchased a vehicle on cash?

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vehicle account

cash account

bank account

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

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Budgeting

costing

Management

Auditing

Bank reconciliation statement is :

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a memorandum statement

a ledger account

a part of cash book

a part of journal

Which one of the following is CORRECT about closing stock?

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It appears in the asset side of the balance sheet

it decrease the value of cost of goods sold

It becomes the opening stock of the next year

All of the above

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

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Income statement

balance sheet

trail balance

cash book

____ is the detail of transaction in one account provided by the bank

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bank statement

income statement

bank reconciliation statement

Which of the following statement is NOT TRUE about current liabilities?

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These are due with in one year

These are short term loans

These are consists of all debts,payable after 12 months

In working capital, these are deducted from current assets

Which of the following is NOT an example of current Asset?

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Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

A decrease in value of a fixed asset due to age wear and tear is known as

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depreciation

accumulated depreciation

administrative expenses

operating expenses

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

Which of the following is NOT prepared by Non Profit organization?

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Profit and loss account

Income and expenditure account

Receipts and payments accounts

Balance sheet

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

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Present Value

Fair Value

Book Value

In a balance sheet fixed asset is shown at

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cost price

market value

fair value

written down value

In an accounting if credit sale < debit side then the balance is known as :

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Negative balance

debit balance

positive balance

credit balance

When a liability is reduced or decreased,it is recorded on the

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Right or the debt side of the account

Left or the debt side of the account

Left or the credit side of the account

Right or the credit side of the account

According to double entry system of accounting,an accounting that obtain benefit is

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Debit

Credit

Income

What will be the effect on accounting equation ,which payment is made to the creditor of the business?

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Decrease in an asset ,decrease in liability

Increase in asset,increase in liability

Increase in asset ,increase in owner equity

Firms chargers depreciation each year :

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To ensure there is enough money in the firm to replace the asset

To spread the cost of the asset over its working life

Because the law state must be reduced

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

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