Accounting & Auditing Paper 2009 - 1


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1.    2009 Which of the following transactions represent an expense?




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2.    Unearned discount is?




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3.    Which of the following statements about accounting procedures is not correct?




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4.    Which of the following financial statements reflects the overall financial position of the business?




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5.    Trial Balance is prepared?




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6.    The net sales of Fresh Foods were Rs. 200,000 for the current month. If the cost of goods available for sale was Rs. 180,000 and the gross profit rate was 35%, the ending inventory must have been?





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7.    In the accounting cycle?




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8.    Which of the following is an intangible asset?




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9.    Expense is recorded in the accounting records when?




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10.    The cash basis of accounting?




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