Principle Of Accounts SS1 Practice Questions First Term

Question
Items of revenue and expenses that were recorded in the current year but would have areAnswer
Prior year adjustments

 

Question
Which is odd among the following?

Answer
Stability concept

Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called

Answer
Non-Current Assets

Question
An exceptional item is

Answer
Normal but excessive

Question
Depreciation is

Answer
The part of the cost of non-current asset consumed during its period of use by the company

Question
Non Current assets are distinguished from current assets by the following characteristics EXCEPT

Answer
Usually stock in trade

Question
The following are examples of intangible assets EXCEPT

Answer
Human Resources

Question
Which of the following is NOT an attribute of goods sent on sales or return?

Answer
Goods out on approval can be retained beyond an agreed or reasonable time

Question
The purchase returns day book is used to record

Answer
Details of goods returned to suppliers

Question
Which of the following regarding non-current asset accounting is correct?

Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class

Question
Items of revenue and expenses that were recorded in the current year but would have are

Answer
Prior year adjustments

Question
Which is odd among the following?

Answer
Stability concept

Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called

Answer
Non-Current Assets

Question
An exceptional item is

Answer
Normal but excessive

Question
Depreciation is

Answer
The part of the cost of non-current asset consumed during its period of use by the company

Question
Non Current assets are distinguished from current assets by the following characteristics EXCEPT

Answer
Usually stock in trade

Question
The following are examples of intangible assets EXCEPT

Answer
Human Resources

Question
Which of the following is NOT an attribute of goods sent on sales or return?

Answer
Goods out on approval can be retained beyond an agreed or reasonable time

Question
The purchase returns day book is used to record

Answer
Details of goods returned to suppliers

Question
Which of the following regarding non-current asset accounting is correct?

Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class

Question
Items of revenue and expenses that were recorded in the current year but would have are

Answer
Prior year adjustments

Question
Which is odd among the following?

Answer
Stability concept

Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called

Answer
Non-Current Assets

Question
An exceptional item is

Answer
Normal but excessive

Question
Depreciation is

Answer
The part of the cost of non-current asset consumed during its period of use by the company

Question
Non Current assets are distinguished from current assets by the following characteristics EXCEPT

Answer
Usually stock in trade

Question
The following are examples of intangible assets EXCEPT

Answer
Human Resources

Question
Which of the following is NOT an attribute of goods sent on sales or return?

Answer
Goods out on approval can be retained beyond an agreed or reasonable time

Question
The purchase returns day book is used to record

Answer
Details of goods returned to suppliers

Question
Which of the following regarding non-current asset accounting is correct?

Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class

Question
Items of revenue and expenses that were recorded in the current year but would have are

Answer
Prior year adjustments

Question
Which is odd among the following?

Answer
Stability concept

Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called

Answer
Non-Current Assets

Question
An exceptional item is

Answer
Normal but excessive

Question
Depreciation is

Answer
The part of the cost of non-current asset consumed during its period of use by the company

Question
Non Current assets are distinguished from current assets by the following characteristics EXCEPT

Answer
Usually stock in trade

Question
The following are examples of intangible assets EXCEPT

Answer
Human Resources

Question
Which of the following is NOT an attribute of goods sent on sales or return?

Answer
Goods out on approval can be retained beyond an agreed or reasonable time

Question
The purchase returns day book is used to record

Answer
Details of goods returned to suppliers

Question
Which of the following regarding non-current asset accounting is correct?

Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class

Question
Items of revenue and expenses that were recorded in the current year but would have are

Answer
Prior year adjustments

Question
Which is odd among the following?

Answer
Stability concept

Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called

Answer
Non-Current Assets

Question
An exceptional item is

Answer
Normal but excessive

Question
Depreciation is

Answer
The part of the cost of non-current asset consumed during its period of use by the company

Question
Non Current assets are distinguished from current assets by the following characteristics EXCEPT

Answer
Usually stock in trade

Question
The following are examples of intangible assets EXCEPT

Answer
Human Resources

Question
Which of the following is NOT an attribute of goods sent on sales or return?

Answer
Goods out on approval can be retained beyond an agreed or reasonable time

Question
The purchase returns day book is used to record

Answer
Details of goods returned to suppliers

Question
Which of the following regarding non-current asset accounting is correct?

Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class

Question
Items of revenue and expenses that were recorded in the current year but would have are

Answer
Prior year adjustments

Question
Which is odd among the following?

Answer
Stability concept

Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called

Answer
Non-Current Assets

Question
An exceptional item is

Answer
Normal but excessive

Question
Depreciation is

Answer
The part of the cost of non-current asset consumed during its period of use by the company

Question
Non Current assets are distinguished from current assets by the following characteristics EXCEPT

Answer
Usually stock in trade

Question
The following are examples of intangible assets EXCEPT

Answer
Human Resources

Question
Which of the following is NOT an attribute of goods sent on sales or return?

Answer
Goods out on approval can be retained beyond an agreed or reasonable time

Question
The purchase returns day book is used to record

Answer
Details of goods returned to suppliers

Question
Which of the following regarding non-current asset accounting is correct?

Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class