Items in the bank statement of a business but not in the cash book before preparation of bank reconciliation statement do not include?

• A) Bank charges
• B) Standing order
• C) presented cheque
• D) interest on overdraft

The profit of a sole trader increases his ______.

• A) stock
• B) asset
• C) liability
• D) capital

The correct sequence in data processing is ______.

• A) input ? process ? output
• B) input ? output ? process
• C) process ?input ?output
• D) process ? output ? input

Which Of the following ratios gives an idea of the liquidity of a firm?

• A) Turnover ratio
• B) Quick ratio
• C) Debt ratio
• D) Dividend yield

Given: Net Profit: ?25,000 Cost of sales: ?25,000 Sales: ?85,000 Determine the total expenses

• A) ?45,000
• B) ?35,000
• C) ?25,000
• D) ?15,000

The art of collecting, recording, presenting and interpreting accounting data is ______.

• A) cost accounting
• B) management accounting
• C) financial accounting
• D) data processing

When a sum of money appears on the credit side of the cash book, but not on the debit side of the bank statement, the sum is regarded as

• A) uncredited cheques
• B) dishonoured cheques
• C) direct remitance to the bank
• D) unpresented cheques

Interest on a partner's drawings is debited to the

• A) partner's current account and credited to the profit and loss appropriate account
• B) profit and loss appropriation account and credited to the partner's current account
• C) profit and loss account and credited to the partner's account
• D) partner's current account and credited to the profit and loss account

The starting point for the production of accounts from incomplete records is to ______

• A) ascertain the total sales
• B) compute the opening stock of goods sold
• C) verify the total purchases
• D) prepare an opening statement of affairs

Creditors use accounting information for the purpose of

• A) planning sales to a company
• B) controlling a company's affairs
• C) investing in a company
• D) assessing a company's liquidity