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 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 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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