Which of the following would you expect to be included in the duties of an accountant?

i. preparing budgets

ii. working with auditors

iii. analysing financial statements

• A. i and ii only

• B. i and iii only

• C. ii and iii only

• D. i, ii and iii

Which of the following would you expect to be included in the duties of a bookkeeper?

i. preparing trial balances

ii payroll records

iii. developing financial systems

• A. i and ii only

• B. i and iii only

• C. ii and iii only

• D. i, ii and iii

Which of the following is not an ethical principle of accounting?

• A. objectivity

• B. confidentiality

• C. consistency

• D. due care

Which of the following could result from inappropriate application of ethical principles?

i. fines

ii. job loss

iii.imprisonment

• A. i and ii only

• B. i and iii only

• C. ii and iii only

• D. i, ii and iii

Double entry accounting requires that:

• A. every account affects at least two transactions.

• B. the number of accounts with entries on the right hand side is

  equal to the number of accounts with entries on the left hand

  side.

• C. the total dollar value of debit entries is equal to the total

  dollar value of credit entries.

• D. the number of accounts is equal to the number of

  transactions.

A record of a business' exchanges as it affects one aspect of the business is a/an

• A. account

• B. transaction

• C. debit entry

• D. credit entry

Any withdrawal of money by the owner is considered a reduction in the amount the business owes. This is supported by the

• A. consistency concept

• B. prudence concept

• C. dual aspect concept

• D. the separate entity concept

Which of the following lists includes only current assets?

• A. accounts receivable, motor vehicle, cash in hand

• B. prepaid rent, cash at bank, accounts payable

• C. furniture, bank overdraft, inventory

• D.inventory, accounts receivable, cash

Which of the following is a provider of capital?

• A. banker

• B. proprietor

• C. supplier

• D. accountant

Which of the following is an example of a current liability?

• A. bank overdraft

• B. 5 year bank loan

• C. cash at bank

• D. mortgage loan