Accounting

As a basis for assessing future usage, fixed assets are shown at?

A. selling price B. cost price C. cost plus residual value D. net book value Correct Answer: Option B B.…

6 years ago

Which of the following books of original entry is used to record all payments and receipt by cash or cheque?

A. sales day book B. cash book C. purchase day book D. general journal Correct Answer: Option B B. cash…

6 years ago

Which of the following is a prime cost?

A. royalty B. salary C. commission D. discounts allowed Correct Answer: Option A A. royalty

6 years ago

The amount for which a business is sold is that?

A. goodwill B. considerate fund C. purchase D. considerations E. capital reserve Correct Answer: Option C C. purchase

6 years ago

Money receiving from a customer is recorded in the customer’s account and bank account; the accounting concept applied is?

A. business entity B. dual aspect C. going-concern D. money measurement Correct Answer: Option B B. dual aspect

6 years ago

The collection and organization of data is?

A. accounting process B. central processing C. data processing D. data manipulation Correct Answer: Option C C. data processing

6 years ago

Which of the following does not form part of shareholders’ fund?

A. ordinary shares B. shares premium C. profit D. debenture Correct Answer: Option D D. debenture

6 years ago

When shares are sold ‘at par’ it means they are issued at?

A. the market value B. the normal value C. a discount D. a premium Correct Answer: Option B B. the…

6 years ago

Which of the following reserves is not used for bonus shares?

A. revolutional reserve B. share premium C. capital redemption reserve fund? D. general reserve Correct Answer: Option C C. capital…

6 years ago

A financial plan of action expressed in monetary terms is a/an?

A. warrant B. budget C. imprest D. consolidated fund Correct Answer: Option B B. budget

6 years ago