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1. (i) Which of the following is not a factor that may cause capital to change?
A Additional investment
(ii) The sum of fixed assets and working capital of a business is called
A capital owned
B capital employed
C circulating capital
D working capital
E borrowed capital.
(iii) The trial balance totals should agree because
A it is extracted at the year end
B for every debit there must be a corresponding credit
C it is a list of balances
D errors in balancing the ledger accounts are found out
E it is an account.
(iv) When John writes a cheque and sends it to James then James is
(v) A credit balance of 500,000/= in the cash column of the cash book means
A we have spent more than we have received
B we have spent less than we have received
C the bookkeeper has stolen 500,000/=
D we have 500,000/= cash in hand
E the bookkeeper has made a mistake.
(vi) At the end of the financial year, bad debts account is closed by a transfer to the
A profit and loss account
B balance sheet
C trading account
D account of expected bad debts
E allowance for doubtful debts account.
(vii) Credit notes issued by a firm will be entered in its
A purchases returns account
B sales returns account
C sales account
D sales returns journal
E purchases returns journal.
(viii) Discounts allowed are
A deducted by the business when it pays cash
B deducted by the business when it receives cash
C given by the business when it sells goods on credit
D received by the business when it buys in bulk
E given to those who buy larger quantities from the business.
(ix) Which among the following is not a source document?
A Remittance advice notes
B Payment vouchers
C Cash sales slip
D Sales journal
E Debit notes.
(x) A cheque issued but not yet passed through the banking system is called:
A postdated cheque
B dishonoured cheque
C stale cheque
D unpresented cheque
E uncredited cheque.
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