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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 31:
The document setting out the regulations regarding shares, meetings and internal organization of a company is known as
  • A Memorandum of association
  • B Article of association
  • C Prospectus
  • D Company law
View Answer & Explanation
Question 32:
An advantage of using accounting ratios is that they
  • A Can be easily calculated
  • B Facilitate decision making
  • C Are stipulated by law
  • D Shows error and fraud
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Question 33:
The expenditure on a good or services which is consumed either immediately or within a current accounting period is called
  • A Fixed expenditure
  • B Capital expenditure
  • C Annual expenditure
  • D Recurrent expenditure
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Question 34:
The receipt from a special tax levy to pay maturing interest obligation are recorded in
  • A Capital fund project
  • B Debt Service Fund
  • C Tax Assessment Fund
  • D Special Revenue Fund
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Question 35:
The cash bass of accounting requires the recognition of revenue only when they are
  • A Due
  • B Earned
  • C Paid
  • D Received
View Answer & Explanation