This page requires a JavaScript-enabled browser
Instructions on how to enable your browser are contained in the help file.
Accounting & Auditing Paper 2004 - 2
1.
The discount account is a?
a) Personal account
b) Real account
c) Nominal account
d) Asset account
e) None of these
2.
Those liabilities which arise only on the happening of some event, are called?
a) Current liabilities
b) Contingent liabilities
c) Outstanding liabilities
d) Fixed liabilities
3.
Marshalling of balance sheet means?
a) The ordering of its assets and liabilities
b) The totaling of its assets and liabilities
c) Excess of assets over liabilities
d) None of these
4.
Commission received in advance is to be considered as?
a) Outstanding expense
b) Accrued income
c) Prepaid expense
d) Unearned income
5.
The provision for discount on creditors is often not provided in keeping with the principle of?
a) Materiality
b) Consistency
c) Conservatism
d) Realization
6.
Which one of the following is not considered the permanent part of the accounting record?
a) Journal
b) Trial Balance
c) Balance sheet
d) Final accounts
7.
A working paper which is prepared by the accountant for his own convenience is called?
a) Work sheet
b) Cash flows statement
c) Balance sheet
d) Final accounts
8.
Any expenditure incurred to increase the profit earning capacity of the concern is a?
a) Revenue expenditure
b) Capital expenditure
c) Deferred revenue expenditure
d) Capital expenditure
9.
Depreciation on fixed assets is an example of?
a) Revenue expenditure
b) Capital expenditure
c) Deferred revenue expenditure
d) None of these
10.
Error due to wrong allocation as expenditure between capital and revenue is regarded as?
a) Error of omission
b) Error of principle
c) Compensation errors
d) Error of commission
11.
The capital receipts are shown in the balance sheet on the?
a) Liability
b) Asset side
c) Debit side
d) None of these
This is more feedback!
This is the feedback!
