SS2 PRINCIPLES OF ACCOUNTS FIRST TERM

Home
Question
A crossed cheque restricts the payee to

Answer
Pay the amount into his bank account

Question
Which of the following does not appear in bank statement?

Answer
Uncredited cheques

Question
All the following should be debited in the Receivables’ Control Account, except

Answer
Sales ledger contra

Question
A …….. is a provisional account.

Answer
A suspense account

Question
When a wrong account in the same ledger is debited or credited, it is called …

Answer
Error of Commission

Question
One of the Errors that affect the Trial Balance is

Answer
computation error

Question
The purpose of trial balalnce includes the following, except…….

Answer
communicate information to the users

Question
The books that exist to provide periodic totals for posting into the ledger are, except……

Answer
Journal proper

Question
The accounting convention that says that accountants should not record profits until they are realised is….

Answer
Prudence convention

Question
The accounting concept whereby a business has no plans to cut down significantly any major line of its operations in the nearest future is called.

Answer
The Going Concern Concept

Question
To avoid superfluous presssure a co-operative auditor should try to be

Answer
Objective

Question
The reasons for for co-operative audit are, except

Answer
To know who to give loan to

Question
The examination of the efficiency, effectiveness and economy of an organization’s use of resources is…

Answer
Value for money audit

Question
A crossed cheque restricts the payee to

Answer
Pay the amount into his bank account

Question
Which of the following does not appear in bank statement?

Answer
Uncredited cheques

Question
All the following should be debited in the Receivables’ Control Account, except

Answer
Sales ledger contra

Question
A …….. is a provisional account.

Answer
A suspense account

Question
When a wrong account in the same ledger is debited or credited, it is called …

Answer
Error of Commission

Question
One of the Errors that affect the Trial Balance is

Answer
computation error

Question
The purpose of trial balalnce includes the following, except…….

Answer
communicate information to the users

Question
The books that exist to provide periodic totals for posting into the ledger are, except……

Answer
Journal proper

Question
The accounting convention that says that accountants should not record profits until they are realised is….

Answer
Prudence convention

Question
The accounting concept whereby a business has no plans to cut down significantly any major line of its operations in the nearest future is called.

Answer
The Going Concern Concept

Question
To avoid superfluous presssure a co-operative auditor should try to be

Answer
Objective

Question
The reasons for for co-operative audit are, except

Answer
To know who to give loan to

Question
The examination of the efficiency, effectiveness and economy of an organization’s use of resources is…

Answer
Value for money audit

Question
To avoid superfluous presssure a co-operative auditor should try to be

Answer
Objective

Question
The reasons for for co-operative audit are, except

Answer
To know who to give loan to

Question
The examination of the efficiency, effectiveness and economy of an organization’s use of resources is…

Answer
Value for money audit

Question
The reasons for examination of financial statements exlude one of the following

Answer
To criticise the management to make them to sit up

Question
A situation where a non-complete records of a transaction is kept is called in accounting as….

Answer
Incomplete records

Question
One of these is not an example of of revenue expenditure

Answer
Factory

Question
One of these is not a component of capital receipts.

Answer
Interest on investment

Question
Non-profit organisations’ account relate to the following, except

Answer
Profit

Question
The main objective of the cooperative form of business organization is to……

Answer
To provide services to its members

Question
The value for preparing and maintaining co-operative records excludes one of the following.

Answer
To democratise the co-operative

Question
A crossed cheque restricts the payee to

Answer
Pay the amount into his bank account

Question
Which of the following does not appear in bank statement?

Answer
Uncredited cheques

Question
All the following should be debited in the Receivables’ Control Account, except

Answer
Sales ledger contra

Question
A …….. is a provisional account.

Answer
A suspense account

Question
When a wrong account in the same ledger is debited or credited, it is called …

Answer
Error of Commission

Question
One of the Errors that affect the Trial Balance is

Answer
computation error

Question
The purpose of trial balalnce includes the following, except…….

Answer
communicate information to the users

Question
The books that exist to provide periodic totals for posting into the ledger are, except……

Answer
Journal proper

Question
The accounting convention that says that accountants should not record profits until they are realised is….

Answer
Prudence convention

Question
The accounting concept whereby a business has no plans to cut down significantly any major line of its operations in the nearest future is called.

Answer
The Going Concern Concept

Leave a Reply

Your email address will not be published. Required fields are marked *