(i)       Which of the following is the definition of a balance sheet?

1. A list of balances after calculating net profit 
2.  A statement of all liabilities.
3. A trial balance ata different date.
4.  A list of balance before calculating net profit.

(ii)      The purchases day book can be described as:

1. part of the double entry system
2.  a list of purchases bought on credit 
3.  a list of suppliers accounts
4.  a list of purchases bought for cash.

(iii)    Which ofthe following describes the meaningofa trial balance?

1.  Is the final account in the books.
2. Shows all the assets balances. 
3.  Is a list of the balances on the books.
4.  Discloses the financial position of a business.

(iv)    Which of the following is not personal account?

1.  Rent and debtors
2.  Debtors and drawings
3. Debtors and creditors 
4.  Drawings and rent

(v)    A cash discount is described as a reduction in the sum to be paid:

1.   if goods are bought on credit and not for cash
2.  if either cheque or cash payment is made within an agreed period
3.  if cash is paid instead of cheques
4.  if trade discount is also deducted

(vii)  What is meant by trade discount?

1.  A discount given if the invoice is paid
2.  A discount given for cash payment
3.  A discount given to suppliers 
4.  A discount given to traders

(vii)  What is meant by trade discount?

1.  A discount given if the invoice is paid
2.  A discount given for cash payment
3.  A discount given to suppliers 
4.  A discount given to traders

(vi)    A cash discount is described as a reduction in the sum to be paid:

1.   if goods are bought on credit and not for cash
2.  if either cheque or cash payment is made within an agreed period
3.  if cash is paid instead of cheques
4.  if trade discount is also deducted

(ix)    In the trading account, the sales returns should be:

1.   added to cost of goods sold
2.  deducted from purchases
3.   deducted from sales 
4.  added to sales

(x)      The journal is described as:

1.    part of the double entry system
2.  a form of sales day book
3.  a form of diary
4.  a supplement to the balance sheet