30 July 2024, FAR

•Accounting can be defined as a process of reporting, recording, interpreting and _______ economic data.

• summarising

• verifying

• comprehending

• clarifying

•One of the objectives of Accounting is to maintain full and ___________ records of business transactions

• systematic

• complete

• fair

• transparent

•Accounting is a means and not an end

• True

• False

• May be

• Not sure

•_________ are property useful for revenue generation/ Economic resources owned by a business

• Assets

• Goodwill

• Machinery

• Factory

•___________ are what is owed to third party/ Financial obligations or debts of the business

• Liabilities

• Debt

• Loan

• Debentures

•------------- is contribution by stockholders and hence their claim on the assets of the business

• Retained Earnings

• Stockholders' Equity

• Net Profit

• Debentures

Stockholders' equity is constituted by shareholders' equity and -------

• net profit

• retained earnings

• dividend

• gross profit

Bought machinery for cash is a transaction at ABC Ltd. The two accounts that are involved are --------- and ------

• cash, machinery

• cash, asset

• cash, goods

• cash, property

Cash account is part of ---------- account

• Real

• Nominal

• Personal

• Asset

Wages is part of --------- account

• Real

• Personal

• Nominal

• Expenses