Principle of Accounting 2016 Study Mode

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1.
Balance as per cashbook 2, 970
Bank Charges 220
Unpresented cheques 3, 950
Uncredited cheques 4, 178
Direct debit by bank 1, 0000

Determine the balance as per bank statement.
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A.
# 1,978
B.
# 1962
C.
# 1,522
D.
# 2,522

2.
The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?
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A.
#184, 000
B.
#196,500
C.
#212,000
D.
#168,500

3.
The major advantage of the journal proper is that it
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A.
helps in the preparation of the balance sheet
B.
prevents fraud and theft of item of the business
C.
serves as a book of instruction to the bookkeeper
D.
help the banking industry to be efficient

4.
Departments K Y
Opening 2,500 800
Purchases 120,000 100,000
Sales 180,000 200,000
Salary 8,000 30,000
Closing stock 3,000 1,500
Rate expenses of 1,500 are apportioned in the ratio 1:2

The gross profit for K is
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A.
# 60,700
B.
#23,500
C.
#60,500
D.
#82,500

5.
One of the objectives of accounting is that it can be used for
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A.
business decision making
B.
due process in business
C.
motivating employees
D.
determining the work force

6.
The ratio that gives the indication of the efficiency of a firm's sales with respect to cost of goods sold is a
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A.
return on capital employed
B.
gross profit margin
C.
net profit margin
D.
return on equity

7.
The instrument used in analysis and interpretation of financial statement is the
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A.
accounting ratios
B.
income and expenditure extract
C.
balance sheet extract
D.
found accounting

8.
An item in the balance sheet of a limited liability company is
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A.
accrued expenses
B.
lighting and heating
C.
salaries and wages
D.
general expenses

9.
The documents that provide instant information to firms on their tranactions with banks are
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A.
bank statement and debit note
B.
cheque book and cashbook
C.
cheque stub and deposit slip
D.
payslip and credit invoice

10.
Which of the following is the capital reserve of a company?
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A.
Accumulated depreciation
B.
Retained profit
C.
Share premium
D.
Loss on forfeited shares

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