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When the going concern concept is no longer applicable, the fixed assets are recorded at their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
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120,000\\ \text{Salaries} & 60,000\\ \text{Maintenance of vehicles} & 49,000 \\ \text{Park collections} & 100,000\end{array}\)
The total expenditure for the period is
- A. Le 319,000
- B. Le 270,000
- C. Le 139,000
- D. Le 109,000
Use the following information to answer the given question
\(\begin{array}{c|c} & Le \\ \hline \\ \text{Fines} & 20,000\\ \text{Market rates} & 120,000\\ \text{Salaries} & 60,000\\ \text{Maintenance of vehicles} & 49,000 \\ \text{Park collections} & 100,000\end{array}\)
The balance at the end of the period is
- A. Le 270,000
- B. Le 139, 000
- C. Le 131,000
- D. Le 120,000
The public account committee is an organ of
- A. military regime
- B. parliament regime
- C. precidency
- D. councilors
In departmental accounts, administrative expenses are recorded in the
- A. trading account
- B. balance sheets
- C. profit and loss account
- D. profit and loss appropriation account