Accounts - Principles of Accounts Questions
Question 2541:
Which of the following is not a feature of accounting information?
- A Affordability
- B Timeliness
- C Accuracy
- D Completeness
Question 2542:
Which of the following is the equation for determining net profit or loss from the records of a firm?
- A Closing Capital - Drawings - Capital Introduced
- B Opening Capital + Drawings - Closing Capital
- C Closing Capital + Opening Capital - Drawings
- D Closing Capital + Drawings - Opening Capital
Question 2543:
Purchase invoice is first entered in the
- A Purchases Account
- B Cash Book
- C Sales Journal
- D Purchases Journal
Question 2544:
Assets acquired is recorded by debiting _______?
- A Asset Account, Crediting Cash Account
- B Cash Account, Crediting Asset Account
- C Purchase of Business Account, Crediting Sale of Business Account
- D Asset Account, Crediting Purchase of Business Account
Question 2545:
Goods returned to a supplier is
- A Debited to returns outward account
- B Credited to returns outwards account
- C Debited to returns inwards account
- D Credited to returns inwards account