Principles of Accounts 2015 | Study Mode

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Question 21
A
marching
B
consistency
C
realization
D
prudency
Explanation.

No official Explanation yet!


Correct Option:
D
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Question 22
A
measures operating efficiency of a company
B
measures the ability of a company to meet its current obligations.
C
measures the value of investments of a company
D
measures the financial leverage of a company
Explanation.
liquidity ratio attempt to measure the ability to meet up with current obligations e.g. current ratio which measures the current asset to current liabilities.

Correct Option:
B
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Question 23
A
28 days
B
42 days
C
27 days
D
23 days
Explanation.
Average stock / cost of sales x 365days.

Correct Option:
A
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Question 24
A
debit bad debts accounts and credit bad debt recovered account
B
debit debtors accounts and recovered account
C
debit bad debts recovered account and credit bad debts account
D
debit bad debts account and credit profit and loss account
Explanation.

No official Explanation yet!


Correct Option:
B
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Question 25
A
objects and their alteration
B
location of business
C
bank signatories
D
powers of directors
Explanation.

No official Explanation yet!


Correct Option:
C
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Question 26
A
conversion
B
control
C
allocation
D
analysis
Explanation.

No official Explanation yet!


Correct Option:
B
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Question 27
A
creditors
B
debtors
C
investors
D
shareholders
Explanation.
The sales ledger control account is also known as debtors control account and includes all entries of debtors as if only one existed.

Correct Option:
B
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Question 28
A
Branch stock
B
Goods set to branch account
C
Branch adjustment account
D
Branch debtors account
Explanation.

No official Explanation yet!


Correct Option:
D
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Question 29
A
accrual basis
B
cost basis
C
revenue basis
D
cash basis
Explanation.
This is the basis for recording in government accounting where revenue are recorded when cash is received.

Correct Option:
D
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Question 30
A
17,500
B
38,200
C
20,700
D
27,200
Explanation.

No official Explanation yet!


Correct Option:
C

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