Accounting Quiz

Plant and machinery are examples of ___________________ asset.

• floating

• current

• fixed

• circulating

Advertisement helps to ___________________.

• reduce sales

• increase sales

• increase stock

• decrease productivity

The trading, profit and loss account are concerned with the following except ___________________.

• total sales

• gross profit

• net profit

• debtors

Goods bought for resale are entered as ___________________.

• ledger

• account

• purchases

• sales

Net sales is ______________________________________.

• purchases less returns outwards

• sales minus returns outwards

• sales less return inwards

• sales plus return inwards

A list of items in order of importance or relevance is ___________________.

• choice

• opportunity

• scale of justice

• scale of preference

Which side of the cash book is payment side?

• central side

• right hand side

• left hand side

• both left- and right-hand side

Goods imported for the purpose of exporting to another country is ___________________.

• entrepot

• entreport

• entrepreneur

• entererpot

A balance sheet is a statement

• showing the statement of account

• of assets and liabilities at a particular time

• of business liabilities

• of business assets

A document written by the seller to the buyer to correct an overcharge is called ___________________ .

• credit note

• debit note

• invoice

• order