In dealing with incomplete records, fixed assets are posted to?

• A. opening profit and loss as brought forward figures
• B. closing balance sheet as carried forward figures
• C. closing balance sheets as brought forward figures
• D. closing profit and loss as brought forward figures

The amount of subscriptions accrued is reported in the balance sheet under?

• A. fixed asset
• B. long-term liability
• C. current asset
• D. current liability

Which of the following is a fictitious asset?

• A) prepayments
• B) preliminary expenses
• C) investment
• D) plant and machinery

If a trail balance is in agreement, one of the statement is untrue

• A. the accounting system is error free
• B. equal debit entries and credit entries were recorded for each transaction
• C. the debit and credit from the journal were posted to the accounts
• D. account balances were correctly computed

Which of the following is accounted for in receipts and payment account

• A. Subscriptions recieved in advance
• B. Subscriptions due not yet recieved
• C. Accrued expenses on annual dances
• D. Depreciation of the club house

when a bill is negotiated to a bank , it is said to be?

• A. accepted
• B. discounted
• C. surrendered
• D. cashed

A source document is used for verifying the

• A. amount due from debtors
• B. amount due to creditors
• C. selling price of goods
• D. actual cost of an asset

Which of the following is an intangible asset and a measure of a firm's superior earning power?

• A. Patent
• B. Goodwill
• C. Trademark
• D. Right issue

The main objective of the financial statements is to

• A) provide a true and fair view of the financial position of the business
• B) help mangers take correct decisions
• C) show every transaction affects two items in the balance sheet
• D) help owners of a business to plan for the future

The advantage of double entry is that

• A. it is easy to prepare the final account
• B. it increase assets
• C. has cash and bank column
• D. It disburses cash