Accounts - Principles of Accounts Past Questions and Answers

When a business is purchased, the double entries required in the purchaser's book are debit,

A Venfdor's account and credit purchase of business account
B Asset account and credit purchases of business account
C Cash account and credit vendor's account
D Purchase of business account
E Vendor's account and credit cash account

Question 1577:

Which of the following are on the bank statement before reconciliation? i. standing order ii. payment to a creditor iii. receipt from a debtor iv. uncredited cheque v. unpresented cheque

A I and v
B I and ii
C Ii, ii and iii
D I and iv
E I, iv and v

Question 1578:

A fund established for the payment of minor expenses is

A Cash discount
B Cash flow
C Petty cash
D Accumulated fund
E Reserve

Question 1579:

The maximum amount which a company can raise by way of selling share is

A Issued capital
B Working capital
C Paid-up capital
D Shareholders capital
E Authorized capital

Question 1580:

The aggregate of amounts owed to a business by is customers is known as

A Accounts receivable
B Account current
C Accounts payable
D Accumulated fund
E Debtors' fund