Business Administration (M.Sc)

Q: Identify which of the normal balances (in parentheses) assigned to the following accounts is incorrect?

(a) :  Office supplies (Debit)
(b) :  Cash (Debit)
(c) :  Wages payable (Credit)
(d) :  Free earned (Debit)
(e) :  none
Answer:  Cash (Debit)
Explanation:  

Q: Identify the item that is likely to serve as source document?

(a) :  Trial balance
(b) :  Income statement
(c) :  Balance sheet
(d) :  Invoice from supplier Identify which of the normal balances
(e) :  none
Answer:  Invoice from supplier Identify which of the normal balances
Explanation:  

Q: Amount, cash, or other assets removed from business by owner is?

(a) :  Capital
(b) :  Drawings
(c) :  Assets
(d) :  All of these
(e) :  none
Answer:  Drawings
Explanation:  

Q: The provision for discount on creditors is often not provided in keeping with the principle of?

(a) :  Materiality
(b) :  Consistency
(c) :  Conservatism
(d) :  Realization
(e) :  none
Answer:  Conservatism
Explanation:  

Q: Economics resources of a business that are expected to be of benefit in the future are referred to as?

(a) :  Liabilities
(b) :  Owner’s equity
(c) :  Withdrawals
(d) :  Assets
(e) :  none
Answer:  Owner’s equity
Explanation:  

Register now to view all Question's.

Sign in OR Sign Up


Back to top