Financial Accounting | Study Mode

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Question 1
A
return inwards and outwards
B
journal and ledger
C
discounts allowed and received
D
credit note and debit note
Explanation

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Correct option: B
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Question 2
A
extension of building
B
repairs of generator
C
purchase of stock
D
purchase of stationery
Explanation

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Correct option: A
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Question 3
A
current assets
B
current liability
C
ficed assets
D
long-term liability
Explanation

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Correct option: B
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Question 4
A
loan
B
debtots
C
capital
D
overdraft
Explanation

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Correct option: C
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Question 5
A
amortization
B
appreciation
C
depletion
D
depreciation
Explanation

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Correct option: A
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Question 6
A
interest on capital
B
partners drawings
C
share of profit
D
interest on drawings
Explanation

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Correct option: B
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Question 7
A
commission
B
omission
C
principle
D
compensation
Explanation

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Correct option: B
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Question 8
A
sales day book
B
purchases day book
C
general journal
D
trial balance
Explanation

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Correct option: D
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Question 9
A
purchases
B
floor area occupied
C
number of personnel in each department
D
volume of sales
Explanation

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Correct option: B
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Question 10
A
compensating error
B
complete reversal of entry
C
error in addition
D
error of original entry
Explanation

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Correct option: C

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