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21-Which of the following is an Example of Partial Omission?

a.

Rent expense of RO 150 were entered in Rent account only

b.

Rent expense of RO 150 was entered as RO 510 in both the accounts

c.

Rent expense of RO 150 were not entered at tall

d.

Rent expense of RO 150 was entered as RO 1500 in both the accounts

Question 22

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Which of the following is an example of Error of Complete Omission?

a.

Salary of RO 200 was entered as RO 2000 in both the accounts

b.

Salary paid RO 200 was entered only in Salary account

c.

Salary of RO 200 was entered as RO 20000 in cash account

d.

Salary paid RO 200 was not entered in both the accounts

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Which of the following is an example of Books of Prime entry?

a.

trial balance

b.

Cash disbursement journal

c.

purchase ledger

d.

sales ledger

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Financial Statements prepared by the business by using Computerized accounting system is an example of

a.

Both input and output

b.

Output

c.

Input

d.

capital invested by the owner

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Source documents will be recorded in

a.

All of the above

b.

Books of Prime entry

c.

Books of Profit and Loss account

d.

Books of Balance sheet

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Which of the following will be classified under inventory?

a.

Raw Materials

b.

All the above

c.

Work-in-progress

d.

Finished goods

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Multiple-step income statements:

a.

Show income from operations but not gross profit

b.

Show gross profit but not income from operations

c.

Show both gross profit and income from operations

d.

Show neither gross profit nor income from operations

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Goods returned to suppliers will be recorded in which books of prime entry?

a.

General Journal

b.

Sales Journal

c.

Purchase Journal

d.

Sales ledger

Question 29

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The following is the financial information of XYZ company: Operating Expenses RO 45,000 Sales Revenue RO 150,000 Cost of Goods Sold RO 90,000 The Gross Profit Margin in terms of percentage will be

a.

30

b.

10

c.

40

d.

70

Question 30

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Mr. Salim Mr. Salman are running a restaurant business in Nizwa. Which of the following would be classified as a Fixed asset for their restaurant business?

a.

Cash in hand in the restaurant

b.

Inventory of tea & coffee

c.

Salary paid for restaurant employees

d.

Furniture in the restaurant

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Which of the accounting equations is NOT correct?

a.

Assets Liabilities = Equity

b.

Assets Equity = Liabilities

c.

Assets = Liabilities + Equity

d.

Assets + Liabilities = Equity

Question 32

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ABC LLCs accounting records shows the following for the year ending on 31st December 2017:Purchase Discounts RO 5,600, Purchases RO 300,000, Beginning Inventory RO 23,500 Ending Inventory (Counted) RO 28,800, Purchase Returns 6,400 The value of Net Purchases will be

a.

RO 282,700

b.

RO 288,000

c.

RO 293,600

d.

RO 311,500

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Accounts payable is an example of

a.

Non-current asset

b.

Current asset

c.

Non-current liability

d.

Current liability

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Which of the following is normally recorded in the cash disbursement journal?

a.

Payment made to monthly expense

b.

Purchase made on credit

c.

Sales made for cash

d.

Cash received from individual customers

35-Assuming that the business received an invoice from Supplier for OMR 10,000. Which of the following books of prime entry will record the above transaction?

a.

Purchase ledger

b.

Purchase journal

c.

Sales journal

d.

Sales ledger

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Which of the following is an example of Transposition Error?

a.

Electricity expense of OMR 50 entered two times by mistake

b.

Purchase of Merchandise on credit RO 15000 entered in Fixed asset account.

c.

Sales day book undercast by RO 1200

d.

Sale of Merchandise for cash RO 15,729 entered as 15279 in Sales account

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Ms. Salma is an Accountant. the business incurred electricity expense of RO 512 was entered by her as RO 152 in cash account. but the entry was written in electricity account correctly.

Which of the following rectification entry is Correct?

a.

Give Credit Cash account with RO 360

b.

Give Debit Cash account with RO 360

c.

Give Debit Cash Account with RO 720

d.

give Debit RO 360 in both the accounts

Question 38

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Credit sales invoice will be recorded in

a.

Sales journal

b.

Purchase journal

c.

Purchase ledger

d.

Sales ledger

Question 39

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Sales revenues are RO 400,000, cost of goods sold is RO 310,000, and operating expenses are RO 60,000 the Net profit is:

a.

90,000

b.

340,000

c.

400,000

d.

30,000

Question 40

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Output results of computerized accounting system will be

a.

Ledger

b.

Financial statements

c.

Day book

d.

Journal

Question 41

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Cash received from Customers of OMR 15,000 will be recorded in which books of prime entry?

a.

Cash receipt journal

b.

Sales day book

c.

Cash disbursement journal

d.

Purchase day book