In a three column cash book_______________does not exist?
In a three column cash book_______________does not exist?
A. Cash column
B. Bank column
C. Petty cash column
D. Discount column
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Which of these types of expenditure would not be treated as a Capital Expenditure?
Which of these types of expenditure would not be treated as a Capital Expenditure?
A. Acquisition of an Asset
B. Extension of an Asset
C. Improvement of the existing Asset
D. Maintenance of the AssetArrangement of Balance Sheet in a logical order is known as __________?
Arrangement of Balance Sheet in a logical order is known as __________?A. Dressing Balance Sheet
B. Marshalling Balance Sheet
C. Formatting Balance Sheet
D. Make up of Balance SheetWhich of the following will be debited if a business purchases goods on credit?
Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. PurchasesAny gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
A. Added, Reduced
B. Added, Added
C. Deducted, Added
D. Deducted, DeductedWhich of the following errors affects the agreement of a Trial Balance?
Which of the following errors affects the agreement of a Trial Balance?
A. Mistake in balancing an account
B. Omitting to record a transaction entirely in the subsidiary books
C. Recording of a wrong entry in the subsidiary books
D. Posting an entry on the correct side but in the wrong accountA. The mistake in balancing an account affects the agreement of a Trial Balance A. is the
correct answer. The other mistakes do not affect the agreement of Trial Balance. The omission to
record a transaction entirely in the subsidiary books B. will not affect the agreement of a Trial
Balance because both the aspects of a transaction are omitted to be recorded. Recording of a
wrong entry in the subsidiary books (c ) will not cause disagreement of a Trial Balance because,
the wrong entry so recorded has the effect of posting the transaction in the manner it is recorded.
Posting an entry on the correct side in the wrong account D. does not affect the tallying of a Trial
Balance because the aspect of the transaction is posted to the correct side of an account. Thus
A. is the correct answer.Which of the following are/is not a fixed asset?
Which of the following are/is not a fixed asset?A. Stock
B. Vehicle
C. Fixed deposit in bank
D. Both A. and C. above