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- 1. Multiple Choice
Accounts such as Accts Payable are example of which type of Accts?
Personal Accts
Impersonal Accts
Nominal Accts
None of the Above
- 2. Multiple Choice
Customers that buy goods from us on credit are referred to as __________.
Debtors
Creditors
Customers
None of the above
- 3. Multiple Choice
When a business buys goods for resale (to be sold again), this transaction should be recorded in which f the following journal or book?
Sales Journal
Purchase Journal
Return Inwards Day Book
Return Outwards Day Book
- 4. Multiple Choice
Which of the following is an example of Real Accounts?
Building
Capital
Loans
Income
- 5. Multiple Choice
____________ are those accounts that deal with possession of the business. Example computer Equipment.
Real
Nominal
Assets
None of the Above
- 6. Multiple Choice
Which of the following is an example of Nominal Accts?
Accts Payable
Building
Expenses
Accts Receivable
- 7. Multiple Choice
Customers who buy goods or services on credit from us are record in which account?
Accts Receivable
Return Inwards
Accts Payable
Return Outwards
- 8. Multiple Choice
Which of the following document is prepared to show the company Net Profit for the year?
Cash Book
Trading and profit and Loss Acct
Statement of Financial Position
Balance Sheet
- 9. Multiple Choice
What source document is given when a customer pays off his account in cash?
Receipt
Invoice
Debit Note
Credit Note
- 10. Multiple Choice
In which book of original entry will transactions be recorded when customers return goods back to the company?
Sales Journal
Purchase Bood
Return inwards Book
Return outwards Book
- 11. Multiple Choice
When we return good to our supplier because it was damaged, we will be issued a _________________.
Debit Note
Credit Note
Petty Cash Voucher
A Cheque
- 12. Multiple Choice
When a customer returns good to us because it was damaged. Where will this transaction be recorded?
Return Outwards Book
Return Inwards Book
Accounts Payable Acct
Cash Book
- 13. Multiple Choice
A business that has one owner?
Partnership
Non-Trading Organization
Sole Proprietor
Private Limited company
- 14. Multiple Choice
A type of Business that is owned and operated by by five brothers.
Partnership
Non-Trading Organization
Sole Proprietor
Private Limited company
- 15. Multiple Choice
A type of Business that is concern with the economic welfare of its members and that of the wider society.
Cooperative Society
Non-Trading Organization
Sole Proprietor
Private Limited company
- 16. Multiple Choice
The Accounting Cycle is the period for which a business operates and its usually for an entire year?
True
False
- 17. Multiple Choice
Impersonal Accounts are divided into Nominal and _____________ Accts.
Personal Accts
Accts Receivable
Accts Payable
Real Accts
- 18. Multiple Choice
Miscellaneous transactions are recorded in which journal?
Sales Journal
Return Outwards Book
The Journal
Purchase Journal
- 19. Multiple Choice
In Double Entry Accounting, this means that ALL transactions will affect two or more accounts.
True
False
- 20. Multiple Choice
What is another name for the Trading and Profit and Loss Account?
Income Statement
Balance Sheet
Trial Balance
None of the Above
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