43
Returns inwards is also called
- A. purchases returns
- B. sales returns
- C. goods on sales or return
- D. goods in transit
44
In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
- A. materials available
- B. production
- C. sales
- D. materials used
45
Which of the following is the effect of an increase in the provision for discount allowed?
- A. increase in net profit
- B. decrease in ross profit
- C. decrease in net profit
- D. increase in gross profit
46
In a partnership business, the net profit serves as opening figure for
- A. trading account
- B. profit and loss accoun
- C. current account
- D. appropriation account
47
Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
- A. business entity
- B. realization
- C. going concern
- D. sual-aspect
48
An analytical cash book is used to
- A. indicate source of cash received
- B. categorise petty cash payment
- C. separate cash and bank balance
- D. analyse amounts due from debtors
49
A sales Day book is used for recording
- A. credit sales
- B. sales returns
- C. hire purchase
- D. cash sales
50
Which of the following is the basis accounting equation?
- A. assets = capital + liabilities
- B. capital = assets + liabilities
- C. liabilities = assets + capital
- D. assets = liabilities + equity