Properties held in the business for a long time are called:

  1.  assets
  2.  current assets
  3. fixed assets
  4.  fixed capital
Choose Answer :

(ii)       Proper document used when depositing money in the bank is known as:

  1.  bank statement
  2. invoice
  3. pay-in-slip
  4.  payment voucher
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(iii)     The Government financial year of Tanzania starts from:

A.         1 st January to 31 st December each year

B.        1st January to 31st December the following year

C.        1st July to 31 st December of the following year 

D.         1 st July to 30 th June of the following year

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(iv)     Which of the following are sources of Government revenue?

  1. Taxation, Central Bank, Paymaster General
  2. Taxation, Dividends from investments, Ambit of vote
  3. Taxation, Grants, Aids, Interest from Investments 
  4. Taxation, license fees, Receiver of revenue
Choose Answer :

(v)       Value of closing stock is found by:

  1.  adding opening stock to purchases
  2. deducting purchases from sales
  3. doing stock taking
  4.  looking in stock
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(vi)     Customers personal accounts are found in:

  1.  general ledger
  2. private ledger
  3. purchases ledger 
  4.  sales ledger
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(vii)    Which of the following is not the objective of book-keeping?

  1.  Business control
  2. Determination of profits
  3. Fair tax assessment
  4.  Obtain job
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(viii)The descending order in which current assets should be shown in the Balance sheet is:

  1. cash, bank, debtors, stock 
  2. debtors, stock, bank, cash
  3.  debtors, stock, cash, bank 
  4.  stock, debtors, bank, cash
Choose Answer :

(ix)Which of the following statements is correct?

  1.  Capital can only come from profit
  2.  Profit does not change capital
  3.  Profit increases capital 
  4.  Profit reduces capital
Choose Answer :

(x)    With a petty cash imprest in hand of Tshs. 150,000/= a petty cashier who has spent Tshs. 92,000/= will require a reimbursement of: 

  1.  Tshs.
  2.  Tshs.
  3. Tshs. 92,000/D. 
  4. Tshs.50,000
Choose Answer :

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