Accounting

In a system of incomplete records, the opening capital is determined by preparing?

A. statement of affairs B. balance sheet C. cash book D. trial balance Correct Answer: Option A A. statement of…

6 years ago

Which of the following is not used in solving problems of incomplete records?

A. control accounts B. statement of affairs C. cash book D. balance sheet Correct Answer: Option D D. balance sheet

6 years ago

“A business unit is assumed to operate into foreseeable future and earn reasonable net income”. This statement is emphasized by the concept of?

A. business entity B. going concern C. realization D. accrual Correct Answer: Option B B. going concernĀ 

6 years ago

Revenue is recognized in the profit and loss account as soon as a?

A. debtor pays what is due from him B. sale of goods takes place and money is received C. sale…

6 years ago

The unit which keeps government’s books of accounts is the?

A. central Bank B. Internal Audit department C. Treasury Department D. Accountant General's Department Correct Answer: Option C C. Treasury…

6 years ago

Bank reconciliation statement reconciles?

A. bank and cash balances in cash book B. bank balance in the cash book and bank statement balance C.…

6 years ago

Whatever is fed into the computer is exactly what would be processed and produced as output. This is the concept of?

A. sorting out B. last in, first out C. first in, first out D. garbage in, garbage out Correct Answer:…

6 years ago

Which of the following is not a source of revenue to a government?

A. taxation B. sales of goods C. imposition of fines D. grants Correct Answer: Option B B. sales of goods

6 years ago

In company accounts, profit after tax is shared in the?

A. appropriation account B. revaluation account C. current account D. realization account Correct Answer: Option A A. appropriation account

6 years ago

Cross-referencing among different books of accounts is achieved with the use of?

A. columns B. reference numbers C. folio D. margin Correct Answer: Option C C. folio

6 years ago