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Principles Of Accounts
1. Question

The balances listed below appear in a trader's trial balance. The item that is to be included in the Profit and Loss Account is

2. Question

John Smith is employed at $8 per hour, he is paid time and a half for hours of work excess Of 44 hours per week. Last week worked for 50 hours. His gross earnings were

3. Question

Which of the following transactions should be debited in the Cash Account?

4. Question

John Jones pays his employees by cash. How will he record this payment in his books?

5. Question

The gross profit of a firm is $3,600, bad debts $100, rent paid $120, rent prepaid $20, general expenses $80 and discount received $110. The net profit is

6. Question

In a partnership maintaining fixed capital accounts, the net profit is appropriated to the

7. Question

Which of the following transactions will NOT affect capital?

8. Question

A business operates its petty cash on the imprest system. At the beginning of the month the petty cashier was given $20.00 out of which she spent $15.20. How much will she be reimbursed?

9. Question

A machine costs $10,000. It has an expected life of six years and has a residual value Of $400. Using the straight-line method, what is the depreciation per annum?

10. Question

Mrs. Green is a dry goods merchant. Which of the following transactions would result in a debit to her Cash Account?

11. Question

in which of the following accounts is debenture interest charged as an expense?

12. Question

Which of the following would NOT be considered part of the prime cost of manufactured goods?

13. Question

Which of the following groups indicates examples of current assets?

14. Question

The ABC Company deposited a Cheque received from Mr. Murray for $300.00. How must this transaction be recorded in ABC′s book?

1. Credit the Cash Book $300
2. Credit Murray′s Account
3. Debit the Bank Account
4. Debit the Cash Account

15. Question

Which of the following are real accounts?

1. Furniture Account
2. Debtors Account
3. Capital Account
4. Motor Car Account

16. Question

When a trial balance does NOT agree, the difference is placed in a

17. Question

The ZAP Company hired you as a book-keeper. On April 3 you received an invoice along with goods from D. Kamin & Co. Ltd. for $600. Where should you record this transaction?

18. Question

In the Trading Account Returns Outwards is deducted from

19. Question

Which of the following entries should be used to post Sales return?

20. Question

Another name for authorised capital is

21. Question

Personal accounts are found in the

22. Question

An increase in drawing will result in

23. Question

On January 1, a firm's capital is $4,600. On December 31, of the same year, the following information was provided: Drawings $850, Total Assets $10,000. Loan Outstanding $950 and Creditors $4,000. What was the Net Profit that year?

24. Question

The imprest systems saves time in the posting of expenses to the nominal accounts because

25. Question

January 1, 1999 a trader bought 100 articles at $5.00 each. During the month 70 Of the articles were sold at $8.00 each and the remainder were sold on January at the market value of $3.00 each. What was the gross for the month?

26. Question

Which of the following are the functions of a book-keeper?

1. Analysing
2. Interpreting
3. Posting
4. Recording

27. Question

A and B had a partnership and shared profits and losses 2/3 and 1/3 respectively. They admitted C to the partnership. In addition to capital, C had to pay goodwill $3,600. How much did A and B receive as their respective share of Goodwill?

28. Question

If closing stock Were overstated by $1,000 at the end of a trading period, the error would result in an

29. Question

Which of the following describes real accounts?

30. Question

Which of the following is NOT recorded in the General Journal?

31. Question

A trader received an invoice for $4,000 less 25% trade discount. Subsequently he returned one eighth of the goods. What amount would be entered in his Returns Outwards Account?

32. Question

Which of the following documents may be used to inform a customer of an undercharge on an invoice?

33. Question

The following figures are taken from a manufacturing account.


The cost of tie year's production of finished goods is

34. Question

Which of the following accounts should prepared as the final account for non-trading organization?

35. Question

On May 1, a petty cashier received Imprest of $150. During the month, petty cash expenses amounted to $77.00 and $2.00 was received from a member of staff who made a personal telephone call. How much cash is needed to restore the imprest on 31 May?

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