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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 2106:
Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are
  • A Debit drawings account, credit purchases account
  • B Debit purchases account, credit sales account
  • C Debit sales avvount, credit drawings account
  • D Debit drawings account, credit sales account
View Answer & Explanation
Question 2107:
The art of collecting, recording, presenting and interpreting accounting data is
  • A Cost accounting
  • B Management accounting
  • C Financial accounting
  • D Data processing
View Answer & Explanation
Question 2108:
The art of collecting, recording, presenting and interpreting accounting data is
  • A Cost accounting
  • B Management accounting
  • C Financial accounting
  • D Data processing
View Answer & Explanation
Question 2109:
The depreciation method in which the number of years of the useful life of an asset is allocated in a reverse order is
  • A Straight line
  • B Reducing balance
  • C Sum of the yeara; digits
  • D Revaluation
View Answer & Explanation
Question 2110:
A system where a separate cash book is maintained for small payments is
  • A Single entry
  • B Imprest
  • C Float
  • D Reimbursement
View Answer & Explanation