POA MULTIPLE CHOICE

1.             The MAIN internal users of accounting information are?

• Manager

• Competitor

• Government

• Local companies

Which of the following states the correct order of the stages in the accounting cycle, before Final Accounts?

• Journalizing, Posting to Ledger,

  Trial Balance

• Posting to Ledger, Trial Balance,

  Journalizing

• Posting to Ledger, Journalizing,

  Trial Balance

• Journalizing, Tria1Balance, Posting to Ledger

A non-trading organization is MAINLY

concerned with

• Import goods for resale

• Trading only with wholesalers

• Providing various services for its members

• making maximum profit for the

  proprietor

Which of the following are benefits of using accounting software?

I.   Integrated analysis of information

II.  Almost immediate updating of records

III. Programmable to recognize irregular entries

• I and II only

• I and III only

• II and III only

• I, II and III

What is the amount for total fixed assets?

• $9000

• $14000

• $14600

• $15050

Which of the following listings of current assets are in order of permanency?

• Debtors, bank, cash, stock

• Cash, debtors, bank, stock

• Bank, cash, debtors, stock

• Stock, debtors, bank, cash

A trader received an invoice for $4 000 less 25% trade discount. Subsequently he returned one-eighth of the goods. What amount would be catered in his Returns Outwards Account?

• $375

• $400

• $450

• $500

Which of the following is usually used to complete a General Journal entry?

• 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 Triple Column Cash Book, would this be entered?       

• Bank

• Cash

• Discount Allowed

• Discount Received

Which of the following BEST describes the 'double entry' system of accounting?

•  A ledger account must have two sides.

• An account must

  be written twice in the ledger.

• Each transaction must be written in two subsidiary books.

• Each transaction must have a debit entry and a credit entry.