Which of the following is usually used to complete a general journal?

• Narration

• Description of assets

• Description of liabilities

• Name of book to which entry must be posted

A businessman offers a discount for prompt payment for goods purchased. Under which column in his three-column cash book would this discount be entered?

• Bank

• Cash

• Discount Allowed

• Discount Received

Which of the following accounts are nominal?

• Wages and Rent

• Stock and Debtors

• Machinery and Plant

• Creditors and Fixtures

The Trial Balance is prepared by using balances from the

• Ledger

• Journal

• Sales Book

• Purchases Book

Mrs Smith does not keep proper records. She began her business with $10,000 in its bank account. She uses her vehicle and building worth $6,000 and $15,000 respectively as part of her business. Customers owe her $4,000. She withdrew $1,500 for personal use and owed creditors $2,000

What is the closing capital of the business?

• $25,500

• $28,500

• $31,500

• $33,000

The working capital of A. Young ans Sons is $15,500. The total amount of current assets is $16,500. What is the total amount of current liabilites?

• $1,000

• $15,500

• $16,500

• $32,000

What is the cost of goods sold?

• $49,742

• $50.653

• $51,415

• $53,103

Inventory at 1 January 2018 $1,500

Purchases during the month $1,200

Cost of goods sold $1,400

What is the inventory at the end of January?

• $300

• $500

• $700

• $1,300

Andana Williams is a petty cashier. If she has a float of $200 and she spends $180, how much should she be reimbursed at the end of the period?

• $20

• $180

• $200

• $380

A non-trading organisation is MAINLY concerned with

• importing goods for resale

• trading only with wholesalers

• Providing various services for its members

• Making maximum profit for the proprietor