NEW
Font size
WorksheetsIntroduction To Accounting:
Total questions: 13
Worksheet time: 7mins
The rate of allowance given by a creditor to a debtor, if he pays his debts before the due date of payment is normally: 2015
A. 2%
B. 5%
C. 10%
D. 15
Person who owes money to a business is known as a: 2016
A. Creditor
B. Debtor
C. investor
D. Solvent
Received cash from Bilal will affect: 2016
A. Cash and creditors
B. Cash and stock
C. Cash and owner's equity
D. Cash and debtors
Discount allowed is: 2016
A. An expense
B. A liability
C. A revenue
D. An asset
A claim of the supplier in the business is called: 2016
A. Asset
B. Liability
C. Expense
D. Revenue
_________are the persons from whom the goods are purchased on credit: 2017
A. Debtors
B. Creditors
C. Owners
D. Investors
In sole proprietorship business income tax is treated as: 2017
A. Expense
B. Drawings
C. Cost
D. Revenue
Which of the following normally has a debit balance? 2017
A. Capital account
B. Creditor account
C. Motor vehicle account
D. Loan account
Accounts which keep records of expenses, gain and losses are called: 2018
A. Personal Accounts
B. Nominal Accounts
C. Real Accounts
D. Partnership Accounts
Management accounting provides invaluable services to management in performing: (Year 2019)
A. All management functions
B. Controlling functions
C. Co-coordinating management functions
D. Recording of financial data functions
Double entry means: 2019
A. A Entry in two sets of books
B. Entry at two dates
C. Entry for two aspects of one transaction
D. Entry in two sides of account
All those things which are purchased for re-sale purpose are called: 2019
A. Assets
B. Goods
C. Sale
D. Trade
Interest on capital is: 2019
A. An expense
B. An income
C. An asset
D. A liability
