Q.1
Identify the asset from the following
Q.2
______ is the withdrawal of cash and goods by the owner of the business for his/her personal use
Q.3
Which of the following specialized journal records "goods returned by customers"?
Q.4
Journals are also referred to as
Q.5
An asset must be ________ by the business to be shown as an asset in its balance sheet.
Q.6
Which is the most important characteristic that all assets of a business have?
Q.7
________ is the first phase of accounting cycle
Q.8
______ is a separate legal entity whose total capital can be divided into many shares
Q.9
Identify the correct sequence of accounting process
Q.10
Bookkeeping mainly consists of which part of accounting process?
Q.11
Net income equal to Revenues minus
Q.12
Payment of expenses will ______ the assets
Q.13
Net loss occurs when
Q.14
Double entry implies that
Q.15
What is the basic accounting equation?
Q.16
Which of the following is a liability?
Q.17
An asset possesses which of the following?
Q.18
Liabilities are which of the following?
Q.19
Auditing refers to
Q.20
Which of the following is the external user of financial statements?
Q.21
The following is (are) the type(s) of Journal
Q.22
Sales expenditure budget is prepared by estimating the expense(s) of
Q.23
Budgeting is difficult to apply in the following cases
Q.24
Liquid or Quick assets =
Q.25
Lower the Debt Equity ratio
Q.26
What is equity?
Q.27
_______ is the gross inflow of economic benefits
Q.28
Which of the following is the internal user of financial statements?
Q.29
The process of entering all transactions from the Journal to Ledger is called
Q.30
The following is a statement showing the financial status of the comapany at any given time
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