43
The accounting ledger for goods sold on credit are debit
- A. debtors account, credit sales account
- B. creditors account, credit sales account
- C. sales account, credit debtors account
- D. sales account, credit creditors account
44
Which of the following is not a real account?
- A. Plant account
- B. Salaries account
- C. Creditors account
- D. Trading account
45
Goods returned to a supplier is
- A. Debited to returns outward account
- B. Credited to returns outwards account
- C. Debited to returns inwards account
- D. Credited to returns inwards account
46
Assets acquired is recorded by debiting _______?
- A. Asset Account, Crediting Cash Account
- B. Cash Account, Crediting Asset Account
- C. Purchase of Business Account, Crediting Sale of Business Account
- D. Asset Account, Crediting Purchase of Business Account
47
Purchase invoice is first entered in the
- A. Purchases Account
- B. Cash Book
- C. Sales Journal
- D. Purchases Journal
48
Which of the following is the equation for determining net profit or loss from the records of a firm?
- A. Closing Capital - Drawings - Capital Introduced
- B. Opening Capital + Drawings - Closing Capital
- C. Closing Capital + Opening Capital - Drawings
- D. Closing Capital + Drawings - Opening Capital
49
Which of the following is not a feature of accounting information?
- A. Affordability
- B. Timeliness
- C. Accuracy
- D. Completeness
50
Which of the following describes a trial balance?
- A. It is a special account
- B. It is a list of balances in the books
- C. It reveals the financial position of a business
- D. It shows all the entries in the books of a business