Principle of Accounting 2016 | Study Mode

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Question 21
A
value added tax
B
statutory allocation
C
taxes and levies
D
recurrent revenue
Explanation

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Correct option: B
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Question 22
A
II and IV
B
I, III and IV
C
I, II and III
D
III and IV
Explanation

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Correct option: C
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Question 23
A
current account
B
profit and loss account
C
profit and loss appropriation account
D
capital account
Explanation

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Correct option: D
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Question 24
A
annual discount
B
trade discount
C
periodic discount
D
cash discount
Explanation

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Correct option: D
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Question 25
A
general expenses
B
recurrent expenditure
C
revenue expenditure
D
capital expenditure
Explanation

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Correct option: D
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Question 26
A
real and nominal accounts
B
nominal and personal accounts
C
real and current accounts
D
personal and real accounts
Explanation

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Correct option: A
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Question 27
A
#36,902
B
#27,502
C
#12,498
D
#43,098
Explanation

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Correct option: C
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Question 28
A
income and expenditure account
B
cashbook
C
purchases day book
D
sales journal
Explanation

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Correct option: C
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Question 29
A
Returns outwards
B
Discount Received
C
Bad debts
D
Purchases
Explanation

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Correct option: D
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Question 30
A
gross profit
B
statement of affairs
C
suspense account
D
appropriation account
Explanation

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Correct option: B

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