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Principles of Accounts

Authored by Keisha Powell

Other

10th - 11th Grade

Used 87+ times

Principles of Accounts
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22 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross profit is calculated in the:

profit and loss account

balance sheet

trading account

trial balance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net profit is:

sales less purchases add opening stock less closing stock

gross profit add expenses of the period

capital plus all expenses

gross profit less expenses of the period

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The debit entry for net loss is on the debit side of:

the capital account

the trading account

the balance sheet

the profit and loss account

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

We calculate the value of closing stock at the end of a period by:

looking at the balance in the stock account

deducting opening stock from purchases

deducting purchases and opening stock from sales

conducting a stocktaking

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the correct order for current assets in order of permanency in the balance sheet?

cash, bank, receivables, stock

Inventory, receivables, bank, cash

inventory, bank, cash, receivables

receivables, inventory, bank, cash

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Select the correct definition of a balance sheet?

A double entry account

A list of balances after the profit and loss account has been drawn up

A statement of all the assets

An account proving the books balance

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are not part of the double entry system?

i. Trading account

ii. Balance sheet

iii. Trial balance

iv. Profit and loss account

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