Which of the following is not a source document?
- A. journal paper
- B. sales invoice
- C. debit note
- D. credit note
When closing stock is overstated, it would reduce,
- A. cost of sales and increase gross profit
- B. gross profit and increase cost of sales
- C. purchases and increases sales
- D. sales and increase purchases
Trade discounts are given for
- A. bulk purchases
- B. prompt payment
- C. quick delivery
- D. cash payment
The objectively of accounting information is enable users to
- A. prepre the financial statements
- B. value stock
- C. make decisions
- D. prepare budgets
A trading account is prepared to disclose the
- A. net profile or loss for the year
- B. gross profit or loss for the year
- C. accumulated fund for the year
- D. gross profit on manufacturing
a statement showing a trader’s financial position as at a particular date is an
- A. trading account
- B. profit and loss account
- C. balance sheet
- D. appropriation account
Excess of current assets over current liabilities is
- A. deferred capital
- B. nominal capital
- C. working capial
- D. authorized capital
Stock account is a type of
- A. nominal account
- B. personal account
- C. real account
- D. fixed assets account
At the end of trading period, cost of goods sold is debited to the trading account while cost of services is debited to the
- A. balance sheet
- B. manufacturing account
- C. tradding account
- D. profiy and loss account
Which of the following is not part of prime cost of production?
- A. depreciation of factory equipment
- B. direct expenses
- C. direct wages
- D. carriage on raw materials
Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is
- A. unsecured creditors
- B. partner's loan and advances
- C. secured creditors
- D. partners' capital
The basic assumption which underline the preparation of periodic financial statement is known as accounting
- A. bases
- B. techniques
- C. concepts
- D. method
Which of the following relates to the essence of partnership? To
- A. run a charity organization
- B. pursue a social objective
- C. form a business for profit
- D. run a religious objective
In a non-for-profit making organization, the cash book is referred to as
- A. income and expenditure acount
- B. receipts and payments account
- C. two column cashbook
- D. petty cash bok
When the going concern concept is no longer applicable, the fixed assets are recorded at their
- A. net book value
- B. realizable value
- C. gross value
- D. revalued amount
The process of detecting, tracing and eliminating errors in a computer program is
- A. reproduction
- B. debugging
- C. sorting
- D. retrieving
the process of detecting, tracing and eliminating errors in a computer program is
- A. reproduction
- B. debugging
- C. sorting
- D. retrieving
the process of detecting, tracing and eliminating errors in a computer program is
- A. reproduction
- B. debugging
- C. sorting
- D. retrieving
A set of instrument or programs which controls the operation of a computer is
- A. software
- B. hardware
- C. monitor
- D. keyboard
When a business is purchased from a sole trader, the excess of the purchase price over the net assets is
- A. reserve
- B. goodwill
- C. feehold
- D. valuation price
Which of the following is not an item on the credit side of the purchases ledger control account?
- A. cash received
- B. cash payment
- C. contra settlement
- D. cheque payment