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Q1) Accounting provides information on:
- Cost and income for managers
- Company’s tax liability
- Company’s ability to make profits
- All of the above
Q2) Which of the following is not an asset?
- Buildings
- Debtors
- loan Borrowed
- Cash balance
Q3) Which of the following is a liability?
- Motor Vehicles
- Machinery
- Creditors for goods
- Cash at Bank
Q4) Which of these best describes a balance sheet?
- A statement of assets
- A listing of balances
- An account proving the books balance
- A record of closing entries
Q5)Net Profit is calculated in:
- Profit and Loss Account
- Balance sheet
- Trial balance
- Trading Account
Q6) A Bank Reconciliation Statement is a statement:
- Sent by the bank when there is an error
- Drawn up by the bank to verify the cash book
- Sent by the bank when the account is overdrawn
- Drawn up by company to verify cash book balance with the bank statement balance
Q7) What is depreciation?
- Cost of a fixed asset
- Cost of a fixed asset’s repair
- The residual value of a fixed asset
- A portion of a fixed asset’s cost consumed during the current accounting period
Q8) Which of the following is correct?
- Profit reduced capital
- Profit increases capital
- Capital can only come from profit
- Profit does not alter capital
Q9) Working capital means:
- Amount of capital invested
- Cost of goods minus net profit
- Amount used to sell goods
- Capital used for operations
Q10) Capital increases if:
- Expenses are greater than income
- Drawings are greater than income
- Revenue is greater than income
- Interest is greater than income
