Which of the following can be found on both the income statement and on the balance sheet?

All the following are internal users of accounting except:

Which of the following items will be recorded in the Returns Inwards Journal of L Cheng Ltd.?

When a transaction is credited in the bank column of the cash book what source of payment is used in this transaction?

The source document entered in the Purchases Journal is a

Which of the following is NOT ethical principle of accounting:

Which of the following is NOT considered to be an outflow?

The total in the purchases book signifies total

Using the permanency method, the descending order in which current assets should be shown in a balance sheet is

Land, machinery, fixtures and fitting and inventory, are all examples of

V Verano sold goods on credit to W Watson. In which ledger would the record of the transaction for W.Watson appear?

Which of the following is NOT an asset?

Which of the following are ALL components of the Income Statement?

Which of the following would you expect to be included in the duties of an accountant?

i. preparing budgets

ii. working with auditors

iii. analysing financial statements

Which of the following would you expect to be included in the duties of a bookkeeper?

i. preparing trial balances

ii payroll records

iii. developing financial systems

Which of the following is not an ethical principle of accounting?

Which of the following could result from inappropriate application of ethical principles?

i. fines

ii. job loss

iii.imprisonment

Double entry accounting requires that:

A record of a business' exchanges as it affects one aspect of the business is a/an

Any withdrawal of money by the owner is considered a reduction in the amount the business owes. This is supported by the

Which of the following lists includes only current assets?

Which of the following is a provider of capital?

Which of the following is an example of a current liability?

The purchases day book (journal) records all

A business may offer trade discounts to customers in order to

The information needed to record transaction in the sales journal is taken from the

The total of the sales journal represents total

When a customer returns goods, the seller will prepare

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

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

How would the purchase of buildings on credit affects a firm's Balance Sheet?

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?

Which of the following is NOT a contra entry?

Details from which of the following are used to prepare the Petty Cash Book?

Philip Leslie, a customer, returned some goods previously purchased. They were the wrong colour. In which book of original entry will this transaction be recorded?

Philip Leslie, a customer, returned some goods previously purchased. They were the wrong colour. What source document should be issued to Mr. Leslie?

In which of the following does a business record the details of an invoice sent to a customer?

Which of the following are contra entries?

i. Dr Cash; Cr Bank

ii Dr Bank; Cr Cash

iii Dr Cash; Cr Cash

Accounting is

The recording of the transactions in the accounting of books of a business is called

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 are business organizations formed by members?

i Cooperatives

ii Non-profit organizations

iii Partnerships

Under which of the following headings would Accounts Receivable be entered in the Balance Sheet?

Which of the following would be entered in the liabilities section of the Balance Sheet?

Under which of the following headings would Accounts Receivable be entered in the Balance Sheet?

The source document entered in the Purchases Journal is a