Which of the following statements is incorrect regarding capital account?
Which of the following statements is incorrect regarding capital account?
The following is (are) the type(s) of Journal
The following is (are) the type(s) of Journal
Journals are also referred to as
Journals are also referred to as
Cash received from debtor is recorded in which of the following specialized journals?
Cash received from debtor is recorded in which of the following specialized journals?
Cash purchases is recorded in which of the following specialized journals?
Cash purchases is recorded in which of the following specialized journals?
The sales income (Credit and Cash) of a business during a given period is called
The sales income (Credit and Cash) of a business during a given period is called
Trial Balance is prepared to check accuracy of
Trial Balance is prepared to check accuracy of
The debts which are to be repaid within a short period (year or less) are known as
The debts which are to be repaid within a short period (year or less) are known as
Any return evidence in support of a business transaction is called
Any return evidence in support of a business transaction is called
The normal balance of capital account is
The normal balance of capital account is
_____ will be credited if goods are given as charity
_____ will be credited if goods are given as charity
Sales and purchase journal doesn't record
Sales and purchase journal doesn't record
_______ is the gross inflow of economic benefits
_______ is the gross inflow of economic benefits
Which of the following accounts will be credited if a company purchases building for cash?
Which of the following accounts will be credited if a company purchases building for cash?
Identify the asset from the following
Identify the asset from the following
Which of the following specialized journal records "goods returned by the business"?
Which of the following specialized journal records "goods returned by the business"?
Which of the following are closed at the end of an accounting period?
Which of the following are closed at the end of an accounting period?
Identify the nominal account
Identify the nominal account
Transferring entries from journal to ;edger account is commonly known as
Transferring entries from journal to ;edger account is commonly known as
Which is the most important characteristic that all assets of a business have?
Which is the most important characteristic that all assets of a business have?
The account that records expenses, gains and losses is
The account that records expenses, gains and losses is
In which of the following order, data is entered into the Journal?
In which of the following order, data is entered into the Journal?
Accounting provides information on
Accounting provides information on
The process of recording transactions in different journals is called
The process of recording transactions in different journals is called
A Master Budget consists of
A Master Budget consists of
Current Assets - Current Liabilities = ?
Current Assets - Current Liabilities = ?
______ is the withdrawal of cash and goods by the owner of the business for his/her personal use
______ is the withdrawal of cash and goods by the owner of the business for his/her personal use
Fresh capital introduction will increase
Fresh capital introduction will increase
A higher inventory ratio indicates
A higher inventory ratio indicates
Net income equal to Revenues minus
Net income equal to Revenues minus
Bookkeeping mainly consists of which part of accounting process?
Bookkeeping mainly consists of which part of accounting process?
Return on Investment Ratio (ROI) =
Return on Investment Ratio (ROI) =
Sales expenditure budget is prepared by estimating the expense(s) of
Sales expenditure budget is prepared by estimating the expense(s) of
What is the basic accounting equation?
What is the basic accounting equation?
The accounting process involves recording
The accounting process involves recording
Which of the following is the internal user of financial statements?
Which of the following is the internal user of financial statements?
Balance sheets are prepared
Balance sheets are prepared
Which of the following will be debited if a business purchases goods on credit?
Which of the following will be debited if a business purchases goods on credit?
Auditing refers to
Auditing refers to
Discount allowed is a kind of deduction from
Discount allowed is a kind of deduction from
Which of the following accounting equation is correct?
Which of the following accounting equation is correct?
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
Identify the correct sequence of accounting process
Identify the correct sequence of accounting process
Lower the Debt Equity ratio
Lower the Debt Equity ratio
Patents, Copyrights and Trademarks are
Patents, Copyrights and Trademarks are
The process of recording in Journal is done
The process of recording in Journal is done
Sales on credit is recorded in which of the following journal?
Sales on credit is recorded in which of the following journal?
Which of the following specialized journal records "goods returned by customers"?
Which of the following specialized journal records "goods returned by customers"?
Capital increases if ______ increases
Capital increases if ______ increases
In Journal, the business transaction is recorded
In Journal, the business transaction is recorded
The following is a statement of revenues and expenses for a specific period of time
The following is a statement of revenues and expenses for a specific period of time
General Journal is a book of _____ entries
General Journal is a book of _____ entries
Which of the following is the closing balance of a ledger account?
Which of the following is the closing balance of a ledger account?
Capital of a business decreases if there is an increase in
Capital of a business decreases if there is an increase in
An 'account' records the ______ in the balance of an item
An 'account' records the ______ in the balance of an item
Liabilities are which of the following?
Liabilities are which of the following?
The process of entering all transactions from the Journal to Ledger is called
The process of entering all transactions from the Journal to Ledger is called
Which of the following accounts can be classified as a real account?
Which of the following accounts can be classified as a real account?
Every business transaction affects at least ____ accounts
Every business transaction affects at least ____ accounts
Budgeting is difficult to apply in the following cases
Budgeting is difficult to apply in the following cases
A low Return on Investment Ratio (ROI) indicates
A low Return on Investment Ratio (ROI) indicates
Credit note is the basis for recording a transaction in which of the following journals?
Credit note is the basis for recording a transaction in which of the following journals?
The standard format of Journal does not include which of the following?
The standard format of Journal does not include which of the following?
The normal balance of liability account is
The normal balance of liability account is
Current ratio =
Current ratio =
The Journal entry in which two or more account is debited or credited is referred to as
The Journal entry in which two or more account is debited or credited is referred to as
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources
The normal balance of asset account is
The normal balance of asset account is
Double entry implies that
Double entry implies that
What is equity?
What is equity?
A brief explanation recorded below every entry in General Journal is commonly known as
A brief explanation recorded below every entry in General Journal is commonly known as
The long term assets that have no physical existence but are rights that have value is known as
The long term assets that have no physical existence but are rights that have value is known as
Debit note is the basis for recording a transaction in which of the following journals?
Debit note is the basis for recording a transaction in which of the following journals?
Which of the following accounts will be debited if the business's owner withdraws cash from business for personal use?
Which of the following accounts will be debited if the business's owner withdraws cash from business for personal use?
Office equipment's account is classified as
Office equipment's account is classified as
The measure of how efficiently the assets resources are employed by the firm is called
The measure of how efficiently the assets resources are employed by the firm is called
Real account records
Real account records
The following is (are) the current liability (ies)
The following is (are) the current liability (ies)
Which of the following is a type of cash receipt journal + cash payment journal?
Which of the following is a type of cash receipt journal + cash payment journal?
Specialized journals are more adequate for which type of businesses?
Specialized journals are more adequate for which type of businesses?
Goods returned by customer should be debited to which of the following accounts?
Goods returned by customer should be debited to which of the following accounts?
The following is a statement showing the financial status of the comapany at any given time
The following is a statement showing the financial status of the comapany at any given time
Payment of expenses will ______ the assets
Payment of expenses will ______ the assets
In accounting, an economic event is referred to as
In accounting, an economic event is referred to as
Which of the following is the external user of financial statements?
Which of the following is the external user of financial statements?
Which of the following is known as the base for preparing trial balance?
Which of the following is known as the base for preparing trial balance?
Liquid or Quick assets =
Liquid or Quick assets =
An asset possesses which of the following?
An asset possesses which of the following?
Net loss occurs when
Net loss occurs when
An asset must be ________ by the business to be shown as an asset in its balance sheet.
An asset must be ________ by the business to be shown as an asset in its balance sheet.
Transactions that a business does not record in any specialized journal are recorded in which of the following books?
Transactions that a business does not record in any specialized journal are recorded in which of the following books?
Which of the following is a liability?
Which of the following is a liability?
Revenue and expense accounts are referred to as
Revenue and expense accounts are referred to as
The other name of Journal is
The other name of Journal is
Balance sheet is a statement of
Balance sheet is a statement of
Discount for quick repayment of debt is normally referred to as
Discount for quick repayment of debt is normally referred to as
______ is a separate legal entity whose total capital can be divided into many shares
______ is a separate legal entity whose total capital can be divided into many shares
Discount allowed is
Discount allowed is
________ is the first phase of accounting cycle
________ is the first phase of accounting cycle
Which of the following is the normal balance of a rent expense account?
Which of the following is the normal balance of a rent expense account?
