The amount of individual items on a government budget is called

• A. vote
• B. deposit
• C. loan
• D. grant

The ledger entries to be made if cash sales is banked is debit

• A. cash, credit sales
• B. sales, credit cash
• C. bank, credit cash
• D. bank, credit sales

(i)Orientation (ii) Entity (iii)Legal status (iv)Finance. Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?

• A. i, ii, iii and iv
• B. i, ii, and iii
• C. ii, and iii
• D. i and ii

Which branch of accounting is most concerned with the collection of detailed financial data for use in planning and controlling an entity?

• A) Financial accounting
• B) Management accounting
• C) Financial management
• D) Auditing

An accountant must not only be interested in record keeping but also in

• A. the application of professional competency
• B. the accuracy of postings
• C. the casting of financial figures
• D. effective preparation of balance sheet

A business should not lay claim to any profit before it is earned. This is in accordance with the

• A. going concern concept
• B. prudence concept
• C. dual aspect concept
• D. consistency concept

The allocation of funds from treasury to accounting heads in public sector is

• A. float
• B. vote
• C. virement
• D. budget

Use the information above to answer the question.

Adex Ltd. Issues stock to its retail branches at cost price.

Calculate the cost of goods credited to the head office trading account

• A. #7200
• B. #7460
• C. #7500
• D. #7660

In sales ledger control account, returns inwards is usually

• A. debited and debtors credited
• B. credited and sales returns debited
• C. debited and cash credited
• D. credited and bank credited

Which of the following accounts would be classified as a current on the balance sheet?

• A) Office Equipment
• B) Accumulated Depreciation
• C) Land
• D) Accounts receivable