SS2 PRINCIPLES OF ACCOUNTS FIRST TERM
A crossed cheque restricts the payee toAnswer
Pay the amount into his bank account
Question
Which of the following does not appear in bank statement?
Answer
Uncredited cheques
Question
All the following should be debited in the Receivables’ Control Account, except
Answer
Sales ledger contra
Question
A …….. is a provisional account.
Answer
A suspense account
Question
When a wrong account in the same ledger is debited or credited, it is called …
Answer
Error of Commission
Question
One of the Errors that affect the Trial Balance is
Answer
computation error
Question
The purpose of trial balalnce includes the following, except…….
Answer
communicate information to the users
Question
The books that exist to provide periodic totals for posting into the ledger are, except……
Answer
Journal proper
Question
The accounting convention that says that accountants should not record profits until they are realised is….
Answer
Prudence convention
Question
The accounting concept whereby a business has no plans to cut down significantly any major line of its operations in the nearest future is called.
Answer
The Going Concern Concept
Question
To avoid superfluous presssure a co-operative auditor should try to be
Answer
Objective
Question
The reasons for for co-operative audit are, except
Answer
To know who to give loan to
Question
The examination of the efficiency, effectiveness and economy of an organization’s use of resources is…
Answer
Value for money audit
Question
A crossed cheque restricts the payee to
Answer
Pay the amount into his bank account
Question
Which of the following does not appear in bank statement?
Answer
Uncredited cheques
Question
All the following should be debited in the Receivables’ Control Account, except
Answer
Sales ledger contra
Question
A …….. is a provisional account.
Answer
A suspense account
Question
When a wrong account in the same ledger is debited or credited, it is called …
Answer
Error of Commission
Question
One of the Errors that affect the Trial Balance is
Answer
computation error
Question
The purpose of trial balalnce includes the following, except…….
Answer
communicate information to the users
Question
The books that exist to provide periodic totals for posting into the ledger are, except……
Answer
Journal proper
Question
The accounting convention that says that accountants should not record profits until they are realised is….
Answer
Prudence convention
Question
The accounting concept whereby a business has no plans to cut down significantly any major line of its operations in the nearest future is called.
Answer
The Going Concern Concept
Question
To avoid superfluous presssure a co-operative auditor should try to be
Answer
Objective
Question
The reasons for for co-operative audit are, except
Answer
To know who to give loan to
Question
The examination of the efficiency, effectiveness and economy of an organization’s use of resources is…
Answer
Value for money audit
Question
To avoid superfluous presssure a co-operative auditor should try to be
Answer
Objective
Question
The reasons for for co-operative audit are, except
Answer
To know who to give loan to
Question
The examination of the efficiency, effectiveness and economy of an organization’s use of resources is…
Answer
Value for money audit
Question
The reasons for examination of financial statements exlude one of the following
Answer
To criticise the management to make them to sit up
Question
A situation where a non-complete records of a transaction is kept is called in accounting as….
Answer
Incomplete records
Question
One of these is not an example of of revenue expenditure
Answer
Factory
Question
One of these is not a component of capital receipts.
Answer
Interest on investment
Question
Non-profit organisations’ account relate to the following, except
Answer
Profit
Question
The main objective of the cooperative form of business organization is to……
Answer
To provide services to its members
Question
The value for preparing and maintaining co-operative records excludes one of the following.
Answer
To democratise the co-operative
Question
A crossed cheque restricts the payee to
Answer
Pay the amount into his bank account
Question
Which of the following does not appear in bank statement?
Answer
Uncredited cheques
Question
All the following should be debited in the Receivables’ Control Account, except
Answer
Sales ledger contra
Question
A …….. is a provisional account.
Answer
A suspense account
Question
When a wrong account in the same ledger is debited or credited, it is called …
Answer
Error of Commission
Question
One of the Errors that affect the Trial Balance is
Answer
computation error
Question
The purpose of trial balalnce includes the following, except…….
Answer
communicate information to the users
Question
The books that exist to provide periodic totals for posting into the ledger are, except……
Answer
Journal proper
Question
The accounting convention that says that accountants should not record profits until they are realised is….
Answer
Prudence convention
Question
The accounting concept whereby a business has no plans to cut down significantly any major line of its operations in the nearest future is called.
Answer
The Going Concern Concept
