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Accounting & Auditing Paper 2004 - 1
1.
2004 The need for keeping a record of income and expenditure is a clear and systematic manner has given rise to the subject of?
a) Book keeping
b) Accounting cycle
c) Manufacturing
d) None of these
2.
If proper books of accounts are not kept in a business the amount of profit?
a) Can be ascertained
b) Cannot be ascertained
c) Easily ascertained
d) None of these
3.
The stage under which transactions are recorded chronologically in the books of accounts is called?
a) Summarizing
b) Classifying
c) Recording
d) None of these
4.
Book-keeping is mainly concerned with?
a) Recording of a financial data relating to business transactions
b) Designing the systems in recording, classifying, summarizing the recorded data
c) Interpreting the data for internal and external users
d) None of these
5.
The term expenses and expenditure are?
a) Same in nature
b) Different in nature
c) Opposite in nature
d) None of these
6.
When goods are given away as charity or free samples, the purchases account should be?
a) Debited
b) Credited
c) Recorded in balance sheet
d) None of these
7.
The sale of a business asset on credit is recorded in?
a) Sales journal
b) General journal
c) Cash receipt journal
d) None of these
8.
The payment side of the cash book is under cost by Rs. 200 when overdraft as per bank statement is the starting point?
a) Rs 200 will be deducted
b) Rs 200 will be added
c) Rs 400 will be added
d) Rs 400 will be deducted
9.
All the direct expenses are charged to?
a) Balance sheet
b) Profit and Loss account
c) Trading account
d) None of these
10.
The discount account is a?
a) Personal account
b) Real account
c) Nominal account
d) Asset account
e) None of these
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