Which one of the following records is not a book of prime entry?

A$.$ bank statements

B$.$ petty cash book

C$.$ journal

D$.$ sales return day book

Which one of the following records is often maintained on an imprest system?

A$.$ cash book

B$.$ petty cash book

C$.$ journal

D$.$ sales return day book

Which ledger entries would be made to record the purchases of an item of machinery on credit?

A$.$ debit machinery, credit cash

B$.$ debit machinery, credit creditors

C$.$ debit purchases, credit creditors

D$.$ debit creditors, credit machinery

What transaction is represented by the entries: debit bank, credit Moses?

A$.$ sale of goods to Moses for cash

B$.$ purchases of goods from Moses for cash

C$.$ Receipt of cheque from Moses

D$.$ payment of cash to Moses

Cosmos starts a business and introduces capital of $$415,000.$ He also obtains a loan of $066,000$ to purchase Fixed assets. The amount of his opening net assets is:

A$.c514,000$

B$.c481,000$

C$.$ $$415,000$

D$.349,000$

A business had net assets of $c65,000$ at $1$ January $2008.$ The net profit after proprietor's drawings for the year ended $31$ December $2008$ was $c26,500.$ Drawings were made at the rate of $c1500$ per month in cash. The proprietor also withdrew for his own use goods costing c$680$ and with a selling price of $c1600.$ No new capital was introduced during the year.

What were the net assets at $31$ December $2008?$

A$.c71,900$

B$.c72,800$

C$.c91,500$

D$.c128,860$

A business purchased an equipment at an invoice price of $c16,600,$ excluding $c400$ carriage from the supplier's premises and $c600$ installation costs. After two months in operation the equipment broke down and cost $4900$ to repair. In the balance sheet at the year end, the asset's cost would appear as;

A$.c15,600$

B$.c16,600$

C$.17,600$

D$.418,500$

Which of the following is incorrect?

A$.$ Assets $-$ Capital $=$ Liabilities

B$.$ Assets $-$ Liabilities $=$ Capital

C$.$ Liabilities $+$ Assets $=$ Capital

D$.$ Liabilities $+$ Capital $=$ Assets

Which of the following is incorrect?

Which of the following are correct?

Account

i$)$ Assets

ii$)$ Capital

iii$)$ Liabilities

A$.i$& ii

B$.$ ii & iii

C$.i$ & ii

D$.$ i$,$ ii & iii

to record

An increase debit

An increase debit

an increase credit

entry in the books

A decrease credit

A decrease credit

A decrease debit

Given a desired cash float of $c15,000,$ if $c9,895$ is spent in a particular period, how much

will be reimbursed at the end of the period?

A$.c24,895$

B$.c9,895$

C$.45,105$

D$.c15,000$

Given drawings of $c10,580$ capital at start and end of $c33,080$ and $c30,520$ respectively, then;

A$.$ loss for the year was $8020$

B$.$ profit for the year was $c8020$

C$.$ loss for the year was $C13140$

D$.$ profit for the year was $C13140$

Which of the following is a current asset?

A$.$ provision for bad debt

B$.$ account receivables

C$.$ account payables

D$.$ depreciation of machinery

Which of the following transactions will be treated as capital expenditure in the accounts of a sole trader?

A$.12,000$ spent on purchasing a micro$-$computer for sale

B$.415,000$ drawings to buy a new television set for the proprietor

C$.41,500$ spent on the purchase of a new typewriter to replace the old one

D$.41,560$ paid to a painter in respect of office decoration