Every business organization is expected to keep one of the following accurately and in an orderly manner.
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A subsidiary book of account used to record all goods bought and services received on credit from a third party in the order in which they occurred irrespective of the amount involved
A. Purchases day book
B. Sales day book
C. Return inward journal
D. Journal proper
Answer: A
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A book of original entry used to record all goods sold and services rendered on credit to a third party in the order in which they occurred irrespective of the amount involved.
A. Purchases day book
B. Sales day book
C. Return inward journal
D. Journal proper
Answer: B
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The document that shows the transfer of goods and/or provision of service between two or more parties for which payment is yet to be received is
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Which of the following statements is not true about source document
A. Source documents are business documents confirming the occurrence of financial transaction between two or more parties
B. Source documents are used for the first entries in the subsidiary books of account
C. Source documents are written financial information exchange between two or more parties as a result of engaging in business transaction.
D. All source documents are legal tender
Answer: D
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One of the following is not an example of source document
A. Cheque book
B. Payment Voucher
C. Daily attendance register
D. Bank Tellers
Answer: C
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The matching concept states that
A. The revenue and expenses of an outstanding company be matched with a relative company
B. The revenue and expenses for any accounting period should be matched with each other so as to bring them into the accounting period to which relate
C. The revenue of a company should be matched with the expenses of a relative company
D. None of the above
Answer: B
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The concept which sees the company as a legal, separate and distinct entity is
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The principles upon which preparation of accounting records are based, which are universally acceptable is
A. Financial concept
B. Accounting rules and regulations
C. Accounting concept
D. Organization concept
Answer: C
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The accounting information is useful to one of the following for free flow of business transaction
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