Accounts - Principles of Accounts Questions
Question 2706:
One major advantage of a ledger is that it ____
- A Is a book of original entry
- B Is only accessible to shareholders during distribution
- C Removes the need for preparing a balance sheet after each transaction
- D Can be used by any type of business.
Question 2707:
Return inwards is also known as ____
- A Purchases returns
- B Sales returns
- C Goods on sale or return.
- D Goods in transit
Question 2708:
The account which refers to the tangible assets of a company that is of permanent nature is the ___
- A Personal account
- B Real account
- C Nominal account
- D Cash account
Question 2709:
The document that is used to acknowledge the acceptance of the return of goods by the seller from the buyer is known as ____
- A Credit note
- B Debit note
- C Invoice
- D Voucher
Question 2710:
The effect of payment of a liability is that it ____
- A Increases both assets and liabilities
- B Increases assets and decreases liabilities
- C Decreases assets and increases liabilities
- D Decreases both assets and liabilities