Financial Accounting Sss 1

20 Questions | Total Attempts: 64

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Financial Accounting Sss 1

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Questions and Answers
  • 1. 
    Another word for start-up fund for business is ……… a
    • A. 

      ……… a) loan

    • B. 

      B) bank savings

    • C. 

      C) capital

    • D. 

      D) cash balance

  • 2. 
    Information needed for subsidiary books preparation are extracted from ………..
    • A. 

      A) cash book

    • B. 

      B) ledger

    • C. 

      C) source documents

    • D. 

      D) journals

  • 3. 
    Which of the following is not an accounting professional body?
    • A. 

      ) CIBN

    • B. 

      b) ANAN

    • C. 

      c) ICAN

    • D. 

      d) ICAEW

  • 4. 
    The account known as principal book of account is …………
    • A. 

      A) trial balance

    • B. 

      B) cash book

    • C. 

      C) ledger

    • D. 

      D) balance sheet

  • 5. 
    Good sold to consumer on credit are posted in ………..
    • A. 

      A) principal account

    • B. 

      B) sales dailybook

    • C. 

      C) general journal

    • D. 

      D) cash book

  • 6. 
    The system of preparing a petty cash book is ………..
    • A. 

      A) imprest system

    • B. 

      B.asset system

    • C. 

      C) straight line system

    • D. 

      D) contra entry system

  • 7. 
    Who is responsible for the recording transaction of a business
    • A. 

      A) Liberian

    • B. 

      B.book keeper

    • C. 

      C) Manager

    • D. 

      D) auditor

  • 8. 
    An accounting period can range between ………….
    • A. 

      A) April – March

    • B. 

      January and October

    • C. 

      C) June – November

    • D. 

      D) December – December

  • 9. 
    Purchases journal is used to record goods bought on ………..
    • A. 

       a) repairs

    • B. 

      B) credit

    • C. 

      C) owners use

    • D. 

      C) eating

  • 10. 
    Which one do you like? Sales returns can also be referred to as …………..
    • A. 

      A) total sales

    • B. 

      B) returns inwards

    • C. 

      C) total returns

    • D. 

      D) returns outwards

  • 11. 
    Petty cash book is ………..
    • A. 

      A) a statement of affairs

    • B. 

      B) an imprest system

    • C. 

        c for recording small disbursement

    • D. 

       d) a self balancing ledger

    • E. 

      Option 5

  • 12. 
    The accounting equation for asset is …………….
    • A. 

      Option 1

    • B. 

      Option 2

    • C. 

      Option 3

    • D. 

      Option 4

  • 13. 
    The accounting equation for asset is …………….
    • A. 

      A) Asset + Liability = Asset

    • B. 

      B) Capital + Liabilities = Asset

    • C. 

      C) Profit + Capital = Asset

    • D. 

      D) Ordinary Share + Net Profit = Asset

  • 14. 
    Prepayment in the balance sheet is a ……………
    • A. 

      A) current asset

    • B. 

      B) fixed asset

    • C. 

      C) current liability

    • D. 

      D) capital

  • 15. 
    Which of the following books of original entry is used to record all payments and receipts by cah and cheque?
    • A. 

      A) sales day book

    • B. 

      B) purchases day book

    • C. 

      C) cash book

    • D. 

      D) general journal

  • 16. 
    1. Which of the following books of original entry is a ledger and also a journal?
    • A. 

      A) Cash book

    • B. 

      B) Sales day book

    • C. 

      C) purchases day book

    • D. 

      D) General journal

  • 17. 
    1. When any entry is made on both sides of cash book, it is called…………
    • A. 

      A) General entry

    • B. 

      B) Double entry

    • C. 

      C) Contra entry

    • D. 

      ) Compound entry

  • 18. 
    1. The transaction will be treated as a contra entry when ………
    • A. 

      A) Cash withdrew from bank for personal use

    • B. 

      B) Cheque received from customer and deposited

    • C. 

      C)Cash drew from bank for office use

    • D. 

      D) Cash paid to creditors

  • 19. 
    1. Rent paid in advance appears in the balance sheet as …………..
    • A. 

      A) A liability

    • B. 

      B) An asset

    • C. 

      C) An accrual

    • D. 

      D) An advance receipt

  • 20. 
    Which of the following is NOT an item in the profit or loss account?
    • A. 

      ) drawings

    • B. 

      B) interest

    • C. 

      C) salaries

    • D. 

      D) bad debts

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