January 2025 CSEC POA Question 1-38

Which of the following financial statements shows the value of a business assets?

• Trading account

• Cash flow statement

• Profit and loss account

• Statement of financial position

Which of the following formulae is used to calculate take-home pay?

• Gross pay - Deductions

• Net pay + Deductions

• Net pay + Gross pay

• Gross pay - Net pay

Partnerships are formed for the purpose of

• I, II and III

• I and II only

• combining capital from different persons

• benefitting from different skills and specializations

• sharing ideas, experiences and responsibilities

Which of the following features of a partnership states that the actions of one partner binds all other partners?

• Mutual agency

• Unlimited liability

• Voluntary association

• Co-ownership of property

Into which of the following accounts is the difference entered when a trial balance fails to agree?

• Control

• Reserve

• Suspense

• Provision

Which of the following represents the correct statement of financial position equation for calculating the value of assets?

• Assets = Capital

• Assets + Liabilities

• Capital - Liabilities

• Liabilities + Capital

Which of the following entries would NOT appear in a cash book?

• Payment for goods

• Goods sold on credit

• Goods bought for cash

• Cheques received for goods

Which of the following types of partner has its indebtedness restricted to the amount of money invested by the partners?

• Sleeping

• Nominal

• Limited liability

• Unlimited liability

Which of the following financial obligations would normally be classified as a non-current liability?

• Creditors

• Debentures

• Accrued wages

• Bank overdrafts

In a partnership, which of the following is compulsory?

• Salary

• Interest on capital

• Interest on drawings

• Sharing of profits/losses