One of the internal users of accounting information is the

• A. management
• B. government
• C. creditors
• D. investors

A trial balance is usually prepared by an accountant from account balances in the ledger for the purpose of

• A) classifying in the ledger
• B) Testing arithmetical accuracies of the ledger account balance
• C) identifying the balance sheet items
• D) providing a basis for establishing the accountant's competence

The fixed amount of money given to a petty cashier at the beginning of a period is called?

• A. Imprest
• B. float
• C. cash advance
• D. cash

The difference between a trading account and a manufacturing account is that while the manufacturing account

• A. has no particular period, the trading account has
• B. does not consider the cost of goods involved, the trading account does
• C. is concerned with the cost of production, the trading account is not
• D. is not concerned with the stock of raw materials the rading account is

The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as

• A. credit note
• B. debit note
• C. invoice
• D. voucher

Advertising expenses incurred on a product in a business organization should be charged to

• A. production department
• B. purchases department
• C. sales department
• D. administrative department

If the inventory at the end of the current year is understated and the error is not caught during the following year, the effect is to?

• A. overstate income this year and understate in next year
• B. understate income this year and overstate in next year
• C. understate this year's income with no effect on the next year's
• D. overstate the income for the two-year period

Which one of the following is not part of a company’s equity capital?

• Ordinary shares
• B) Preference shares
• C) Voting Shares
• D) Equity shares

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?

• A. debit entry
• B. credit entry
• C. contra entry
• D. reversal entry

When expenses are paid on behalf of the venture, the accounting entries is to debit

• A. expenses account and credit bank account
• B. bank account and credit joint venture account
• C. joint venture account and credit bank account
• D. joint venture account and credit expenses account