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(i) A statement showing assets, liabilities and capital of a business undertakings in a particular trading period is called a
A trial balance B ledger C balance sheet
D sales day book E cash book.
(ii) Which of the following is the main book of account?
A The cash book B The Journal
C The petty cash book D The Ledger
E The Journal Proper.
(iii) The correct method of calculating cost of goods sold is
A closing stock + purchases opening stock
B opening stock + closing stock purchases
C closing stock + purchases + opening stock
D opening stock purchases + closing stock
E opening stock + purchases closing stock.
(iv) Which of the following statement describes noncurrent assets?
A Items bought to be used in the business.
B Items which will not wear out quickly.
C Expensive items bought for the business.
D Items having a long life and bought for resale.
E Items having a long life and not bought for resale.
(v) Which of the following is NOT an asset?
B Loan from K Hamis
C Accounts receivable
D Cash balance
(vi) The credit entry for net profit is done in the
(vii) The total of the purchases journal is entered in the
A debit side of purchases day book
B credit side of the purchases account
C debit side of the purchases account
D debit side of the sales account
E credit side of the sales.
(viii) Which of the following expression is correct?
A Assets capital = liabilities
B Liabilities capital = assets
C Liabilities = assets = capital
D Assets + liabilities = capital
E Capital + assets = liabilities
(ix) The cost of putting goods into a saleable condition should be charged to
A trading account
B sales account
C profit and loss account
D receipt and payment account
E income and expenditure account
(x) Which of the following describes the meaning of purchases?
A Goods bought for cash
B Goods bought on credit
C Goods bought for resale
D Goods bought and paid for
E Goods bought and stored.
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