Principles of Accounts 2014 | Study Mode

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Question 1
A
records data while the latter interprets
B
is regarded as the language of the business while the latter ascertains its strenght
C
interprets data while the latter records it
D
summarises information while the latter communicates it
Explanation

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Correct option: A
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Question 2
A
matching
B
consistency
C
realization
D
going concern
Explanation

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Correct option: C
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Question 3
A
cash account
B
bank account
C
suspense account
D
purchases account
Explanation

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Correct option: B
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Question 4
A
sales day book
B
purchases day book
C
sales subsidiary book
D
cash book
Explanation

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Correct option: D
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Question 5
A
Error of ommission
B
Error of commission
C
Error of transposition
D
Error of original entry
Explanation

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Correct option: C
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Question 6
A
private, sales and purchases
B
personal, general and private
C
general, private and sales
D
sales, purchases and general
Explanation

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Correct option: B
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Question 7
A
debit and credit notes
B
ledger and subsidiary books
C
prepayments and accruals
D
profit and loss and balance sheet
Explanation

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Correct option: B
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Question 8
A
debit cash book and credit drawer
B
credit cash book and debit drawer
C
debit cash book and credit suspense account
D
credit cash book and debit suspense account
Explanation

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Correct option: B
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Question 9
A
#25,650
B
#22,800
C
#19,950
D
#18,240
Explanation

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Correct option: C
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Question 10
A
ensures a proper accountability for every expenditure
B
trains the young accountants in preparation for greater responsibilities
C
relieves the cheif cashier of the numerous petty cash payments
D
serves as an analysis column for every expenses
Explanation

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Correct option: C

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