Principle of Accounting 2016 | Study Mode

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Question 11
A
opening stock will be increased
B
net profit will be understand
C
net profit will be overstead
D
opening stock will be decreased
Explanation

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Correct option: B
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Question 12
A
When goods are received from supplier
B
When a trial balance is extracted
C
When a buyer is under or over charged
D
When goods are sold to a buyer
Explanation

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Correct option: C
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Question 13
A
#45,000
B
#39, 000
C
#35,000
D
#46,000
Explanation

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Correct option: D
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Question 14
A
payments
B
stocking
C
delivery
D
discounts
Explanation

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Correct option: A
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Question 15
A
#10,500
B
#13,500
C
#13,890
D
#9,500
Explanation

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Correct option: C
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Question 16
A
single entry
B
real accounts
C
nominal accounts
D
double entry
Explanation

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Correct option: A
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Question 17
A
#2,400
B
#3,000
C
#9,800
D
#1,400
Explanation

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Correct option: D
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Question 18
A
#225,000
B
#236,250
C
#247,500
D
#202,500
Explanation

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Correct option: C
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Question 19
A
a price above or below the stipulated price
B
any price but not below the transfer price
C
cost price
D
a price that is equal to the mark-up
Explanation

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Correct option: A
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Question 20
A
accounts for notional charges
B
records transactions that relate to the period on cash basis
C
records transactions that relate to the period on accrual basis
D
accounts for balance of cash at bank
Explanation

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Correct option: B

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