Which of the following is the last step in the accounting cycle?

The Income Statement is prepared from the list of items in the_____________ .

Which book of original entry records all transactions involving cash and cheques?

Identify the term used when the business returns goods to its suppliers.

The discount given, shown on the invoice, to allow a business to make a profit on resale.

Receipts, bills, cheque counterfoils are source documents for which book of original entry?

Which discounts are recorded in the Cash Book?

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

Which of the following is NOT a capital expenditure?

The accounting entry for writing off a bad debt is

A business shows accounts receivable as $84 000 and the provision for doubtful debts as $5 040. The business is therefore maintaining a provision for doubtful debts of

A motor vehicle which costs $150 000 is to be depreciated by 10% per annum. It is expected to remain in the business for 4 years.

Using the Reducing Balance Method, what is the provision for depreciation after 3 years?

Which of the following are items found in the cash book but not on the bank statement?

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.?

Which of the following groups of accounts are found in the Purchases Ledger control A/C?

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

The process of recording, summarizing, analyzing and interpreting of financial data to make informed decisions is known as

The source document entered in the Purchases Journal is a

Which of the following is NOT an ethical principle of accounting:

Which of the following is LEAST likely to be a method of payment for employees:

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

The total in the purchases book signifies total

Which of the following is NOT entered in the partnership appropriation account?

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 ratios determines the profitability of the business?

Which of the following organization can have its shares traded on the stock exchange?

Which of the following types of investment carries a fixed rate of interest whether profit is made or not?

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

A trader had an opening capital of $3,900. If his drawings were $900 and his closing capital was $4,860, what was his net profit?

A company's rent expense account had an opening debit balance of $2,000. During the year $6,000 was paid for rent. At the end of the year there was a closing debit balance of $1,500 in the account.

What was the rent expense recorded for the year?

In a partnership, which of the following transactions is compulsory?

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 purpose of electronic clock cards is to record

The Cash Book is BEST used for recording

Item 10 refers to the following data which pertain to Tarisha Ali, an employee of a bank.

Monthly Salary $3,500

Overtime $800

Income Tax Rate:

25% on every dollar above

$2,000 of monthly salary

30% on overtime earned

The TOTAL income tax to be deducted from Tarisha Ali is

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?

P. Hack has a manufacturing business. The cost of his raw materials is $1,900. Rates and rent total $2,000 and factory wages amount to $2,500.

The number of units produced is 640, What is the cost of ONE unit?

Control accounts are kept in order to assist management in

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

How does an increase in bad debts affect a sole trader's financial statements?

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?

A standing order of $25 for insurance appears in the debit column of the bank statement. This amount does not appear in the cash book. How is this item treated in order to update the cash book?

The Trial Balance is prepared by using balances from the

A calculation to determine gross profit percentage is as follows:

185,530 X 100 =35.02%

529,800

What does the $529,800 represent?

Mrs Smith does not keep proper records. She began her business with $10,000 in its bank account. She uses her vehicle and building worth $6,000 and $15,000 respectively as part of her business. Customers owe her $4,000. She withdrew $1,500 for personal use and owed creditors $2,000

What is the closing capital of the business?

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?

When a trial Balance fails to agree, the difference is entered in the

Which of the following items are NOT recorded in the Appropriation Account?

I. Interest on loans from partners

II. Interest on Capital

III. Withdrawals by partners

Which of the following accounts shows how profits and losses are shared among partners?

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?

A motor van was credited from AG Motors for use in a business. How should this be recorded?

Which of the following is a long-term liability?

Cash sales were not entered in any books of accounts. This is an error of

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 non-trading organisation is MAINLY concerned with

A sole trader uses his Trading Account to determine

What is the bank balance on the Receipts and Payments Account of Kay and Friends for the year ended 31 July 2018?

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

Mr Green and Mrs Brown agreed to establish a partnership and each deposited $5,000 into a bank account, Green and Brown Co. How should this be recorded in the books of the partnership?

What is the cash balance at 31 March?

S & B Limited's net income for the year was $89,000. Of this amount, $8,000 was transferred to the general reserve, preference dividends paid was $2,400 and ordinary dividend proposed was $6,500. The value of the retained profits for the year was

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

When writing up the book of a partnership which account must EACH partner have

Which of the following accounts are usually transferred to the Trading and Profit and Loss Account/Income Statement?

An example of a capital expenditure is money spent for

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

What is the cost of raw materials available for production?

To which account should depreciation of office machines be transferred?

The reward of profit received by a shareholder in a limited company is called

Which of the following maybe used to calculate the cost of production?

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 NOT considered a source document for the payroll ?

Mr. Amos is employed by a construction company at a rate of $7 per hour. During the week of 6th April 2018, he worked his basic week of 40 hours. The income tax due on his pay is $20 social security contribution of 5% of his gross pay?

W hat is Mr. Amos' net pay?

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 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

A partnership appropriation account should include:

In the books of a partnership, the ledger entries for interest on drawings should be:

Mala and Navin are in partnership, with capital of $240 000 and $120 000, respectively. The partners are entitled to interest on capital at 10% per annum and remaining profits are shared equally. For the year ended 31 December 2018, the business made a profit of $144 000.

Mata's total share of profits from the business ended 31 December 2018 is:

In the books of a partnership, interest on drawings should be debited to:

Limited companies calculate their ordinary share dividend as a percentage of the:

A limited company's authorised capital is:

Which of the following is shown in the income statement of a limited liability company?

Which of the following is shown in the appropriation account of a limited liability company?

Which of the following is a capital reserve?

In the statement of a financial position (balance sheet) of a limited liability company, which of the following is a current liability?

The excess of expenditure over income in the accounts of a co-operative is called:

A voluntary payment made to an officer of a co-operative is called:

Which of the following should not be included in the appropriation account of a co-operative?

Which of the following should not be included in the income and expenditure account of a co-operative?

Which of the following statements concerning the purpose of a receipts and payments account of a sports club is correct?

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 list 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 of the following statements reports on a business' cash receipts and cash payments for a specified period?

Under which of the following would Cash be classified in a Balance Sheet?

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?