Mini POA carnival Flash

Question 1

Which one is a liability ?

Accepted Answer

Bank overdraft

Question 2

There must be objective verifiable evidence for the occurrence of any business transaction.

Accepted Answer

Objectivity concept

Question 3

Which one is NOT a liability ?

Accepted Answer

Income receivable

Question 4

Ali took some of this stationery for personal use. What are the journal entries?

Accepted Answer

Dr Drawings Cr Inventory

Question 5

All transactions are recorded at the original cost to the business.

Accepted Answer

Historical cost concept

Question 6

Which one is an asset ?

Accepted Answer

Motor vehicle

Question 7

Which one is NOT an asset ?

Accepted Answer

Accrued salary

Question 8

The business and its owner(s) are treated as being separate and different entities.

Accepted Answer

Accounting entity concept

Question 9

Which one is an income ?

Accepted Answer

Discount received

Question 10

Which one is a current asset ?

Accepted Answer

Inventory

Question 11

Only transactions that can be measured in money terms should be included.

Accepted Answer

Monetary concept

Question 12

Business bought furniture for office use, paid with a cheque. What are the journal entries?

Accepted Answer

Dr Furniture Cr Cash at bank

Question 13

Which one is NOT a process of Accounting?

Accepted Answer

Charging

Question 14

Which one is an expense ?

Accepted Answer

Rent

Question 15

Which one is a non-current asset ?

Accepted Answer

Building

Question 16

Which one is an external stakeholder?

Accepted Answer

Customer

Question 17

Business bought stationery on credit to be sold later. What are the journal entries?

Accepted Answer

Dr Inventory Cr Trade payable

Question 18

Business repaid the bank for money borrowed. What are the journal entries?

Accepted Answer

Dr Bank loan Cr Cash at bank

Question 19

Revenue earned must be matched with the expenses associated with earning that revenue.

Accepted Answer

Matching concept

Question 20

Which one is NOT an income ?

Accepted Answer

Discount allowed

Question 21

Business borrowed money from the bank. What are the journal entries?

Accepted Answer

Dr Cash at bank Cr Bank loan

Question 22

Which one is a current liability ?

Accepted Answer

300 days loan

Question 23

Which one is a non-current liability ?

Accepted Answer

370 days loan

Question 24

Which one is an internal stakeholder?

Accepted Answer

Employee

Question 25

Ali started a business by depositing money in the bank. What are the journal entries?

Accepted Answer

Dr Cash at bank Cr Capital

Question 26

Business took money from bank for office use. What are the journal entries?

Accepted Answer

Dr Cash in hand Cr Cash at bank

Question 27

Which one is NOT an expense ?

Accepted Answer

Other receivable

Question 28

Which one is your favourite subject?

Accepted Answer

POA, POA, POA, POA

Question 29

Which one is NOT an internal stakeholder?

Accepted Answer

Customer

Question 30

The business is assumed to operate indefinitely.

Accepted Answer

Going concern concept

Question 31

Which one is NOT an external stakeholder?

Accepted Answer

Employee

Mini POA carnival Flash

Questions 31

Mini POA carnival Flash

Questions 31