Which category does Mortgage loan belongs to?

Which category does Cash in hand belongs to?

Which category does Property belongs to?

Which category does Cash at bank (overdraft) belongs to?

Which category does Drawings belongs to?

Which category does Capital belongs to?

Which of the following terms describes the exchange of goods and services?

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

Which of the following items are examples of current liabilities?

I. Mortgages

II. Accounts Payable

III Accrued wages

Which of the following is usually used to complete a general journal?

The Cash Book is BEST used for recording

A businessman offers a discount for prompt payment for goods purchased. Under which column in his three-column cash book would this discount be entered?

The balance of an accounts payable account is entered in the Balance Sheet under the heading

A trader received an invoice for $4,000 less 25% trade discount. Subsequently he returned one-eight of the goods. What would be entered in his returns outwards account?

Mr Abel and Mrs Blue purchased goods on credit valued at $50 and $75 respectively from Mr. Kane. Another customer paid cash for goods amounting $550. Mr Kane took goods at cost for himself amounting to $500. Which of the following figures represents the total in Mr. Kane's sales account?

Which of the following accounts are nominal?

When a proprietor withdraws cash or other assets from a business. What effect does it have on drawings or capital?

The Trial Balance is prepared by using balances from the

The working capital of A. Young ans Sons is $15,500. The total amount of current assets is $16,500. What is the total amount of current liabilites?

What is the cost of goods sold?

What is the gross profit?

During the year, a company bought stationery for $220 and used $120 worth of it. What is the expenditure for stationery that would be posted to the Profit and Loss Account?

Which of the following are benefits of using accounting software?

I. Integrated analysis of information

II. Almost immediate updating of records

III. Programmable to recognise irregular entries

The total credit of the bank column of a three-column cash book is greater than the total debit. The MOST likely reason for situation is that

Inventory at 1 January 2018 $1,500

Purchases during the month $1,200

Cost of goods sold $1,400

What is the inventory at the end of January?

Andana Williams is a petty cashier. If she has a float of $200 and she spends $180, how much should she be reimbursed at the end of the period?

Which of the following is a Book of Prime Entry?

A sole trader uses his Trading Account to determine

Which of the following state the correct order of the stages in the Accounting cycle before Final accounts?

What is the cash balance at 31 March?

A mechanic starts his business with $10,000 worth of tools. What entries should he make to record this transaction?

Which of the following accounts are usually transferred to the Trading and Profit and Loss Account

Amalgamated Components was a private company until it admitted additional shareholders by selling shares on the stock exchange. Amalgamated Components can now be described as a

Fisk Company's accountant has not recorded rent owing for the period. Fisk's accountant has violated the concept or rule of

The purchase of equipment on credit will affect a firm's balance sheet by

Which of the following is a typical example of a non-current (long-term) liability?

Which group of assets below are recorded in the 'Order of Permanence'?

The following lists of assets were found in Ashley's Balance Sheet. If they were to be arranged in the 'Order of Liquidity', the sequence would be

Keri Walters, a sole trader, sold an old computer no longer suited to her business on credit. In which journal should Keri record her transaction?

Which of the following are entries made in the Purchases Journal?

i bought goods on credit

ii vehicle purchased on credit

iii goods bought on credit that have been undercharged

The total of inventory sent back by credit customers is recorded in which book?

The total value of goods sent back to credit suppliers is recorded in which book?

In which book of original entry should the business record a cheque sent to N. Rampersad for goods purchased?

The terms stated on an invoice were 5/14, n/30. This means that the customer is entitled to

Which of the following is NOT a contra entry?

Which of the following are contra entries?

i. Dr Cash; Cr Bank

ii Dr Bank; Cr Cash

iii Dr Cash; Cr Cash

The purposes of preparing accounting documents and financial statements are to

i show information of the resources of a business

ii show who has claims on the business' resources

iii help users of financial information make decisions about

the business

Which lists represents both internal and external users of financial statements?

Which accounting user is correctly matched with its need?

Marlon Ettienne prepared the financial statements for Brown Town Hardware. He is of the view that the statements should show more information about the transactions that are important to the owners than simply following accounting principles. His view is against the principle of

Gordon Corbin, the manager of Sea Sea Hotel, fired his accountant. He then promoted his niece, Janet Cain, the bartender, who has no accounting training or experience, as the accountant. Which of the following does Janet lack?

Salina is newly employed as a clerk in the accounts department of Zanny Stores. She shared with her friend, the messenger, the balance in the three bank accounts of the business. Which ethical principle in accounting has she breached?

Allan Piper prepared a cheque for $100 000 in his name and forged signatures on the cheque. Which of the following has Allan displayed a lack of?

John Dough, the accountant, does not lock unused cheques away securely, leaves cheques on his desk incomplete and accessible by other employees and prepares reports two months after the month has passed. Which of the following describes John's behaviour?

A cashier at a leading high school, responsible for collecting school fees from students, uses the fees from time to time to loan to employees, charging the employees 10% of the loan. The cashier hopes the employees repay quickly so that the missing funds will not be noticed. Some of the employees have not been repaying the loans and the manager has now asked the cashier to account for the shortages in the cash. Which of the following has the cashier been committing?

Which of the following ensures that accountants use the same principles and methods of recording from year to year within a company?

Which of the following are business organizations formed by members?

i Cooperatives

ii Non-profit organizations

iii Partnerships

BLT Limited's Board raised its funds through the stock exchange. Which of the following is this activity a feature of?

In which of the following are a sole trader's profits and losses recorded?

Which flowchart accurately reflects the Accounting Information System?

Which of the the following is a nominal account in the accounts of a supermarket?

Which of the following is the correct treatment of the totals of the purchases book and return inwards book?

Which of the following accounts normally has a debit balance?

The owner of a business paid cash held in the office into the business' bank account. Which of the following entries correctly records this transaction?

Which of the following is NOT a real account?

Which of the following double entry rules apply to the owner contributing cash to the business?

i. Dr Assets

ii. Cr Capital

iii. Dr Liabilities

Markesi Soanes started a data processing company with $50 000 cash. Which of the following are accurate assumptions?

i. Increase asset and capital

ii. Decrease asset and capital

iii. Debit cash and credit capital

Which of the following is NOT a contra entry?