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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
Q 2)Which of the following is not an asset?
* Buildings
* Debtors
* loan Borrowed
* Cash balance
Q 3)Which of the following is a liability?
* Motor Vehicles
* Machinery
* Creditors for goods
* Cash at Bank
Q 4)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
Q 5)Net Profit is calculated in:
* Profit and Loss Account
* Balance sheet
* Trial balance
* Trading Account
Q 6)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
Q 7)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
Q 8)Which of the following is correct?
* Profit reduced capital
* Profit increases capital
* Capital can only come from profit
* Profit does not alter capital
Q 9)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
