43
The order of financial accounting process involves i. recording ii. presenting iii. collecting iv. analyzing
- A. I, ii, iii and iv
- B. ii, iii, i and iv
- C. iii, i, ii and iv
- D. iv, iii, ii and iv
44
A credit balance is
- A. a liability or an expense
- B. an expenditure or an income
- C. an asset or an expense
- D. an income
45
The capital of a sole trader changes as a result of
- A. paying wages by cash
- B. equipment purchased by cheque
- C. drawing by cheque
- D. purchase on credit
46
Which of the following is not a characteristic of trial balance?
- A. it has columns for debit and credit balances
- B. total of debit balance equals total of credit balance
- C. it is a statement
- D. it is an account
47
The lodgement of business cash into the business bank account is an example of
- A. contra entry
- B. bank reconciliation
- C. self-balancing ledger
- D. reversal entry
48
The distinguishing feature between a two-column cash book is
- A. discount column
- B. cash column
- C. bank column
- D. ledger folio