Accounting

Which of the following is not an asset?

• Cash at the bank

• Premises

• Stock

• Creditors

Which of the following are incorrect?

• (ii) & (iv) only

• (i) , (ii) & (iii) only

• (iii) & (ii) only

• (iii) & (iv) only

Which of the following is incorrect?

• Assets -18,270 Liabilities - 5,290 Capital - 12,980

• Assets -9,340 Liabilities - 3,120 Capital - 6,220

• Assets -15,160 Liabilities - 6,380 Capital - 7,780

• Assets -12,230 Liabilities - 1,390 Capital - 10,840

What is the formula to workout cost price (CP)?

• SP + 1/100

• SP X 1/100+ MU

• SP + 1/100+ MU

Gross profit is calculated in the:

• (A) profit and loss account

• (B) balance sheet

• (C) trading account

• (D) trial balance

What is the accounting equation?

• Assets + Liabilities = Owner's Equity

• Assets = Liabilities + Owner's Equity

• Assets = Liabilities - Owner's Equity

• Owner's Equity = Assets + Liabilities

Market

• Service

• Merchandising

• Manufacturing

It refers to the structure occupied by the business.

• Cash

• Land

• Buliding

• Accounts Receivable

What is the source document used when the retailer sells goods to the customer on credit?

• Equipment

• Sales

• Trading Stock

• Cost of Sales

In which journal would the businesses electricity payment be recorded?

• Cash Payments Journal

• Cash Receipts Journal

• Debtors Journal