4801.
A contra asset account has what type of balance?
A
Debit
B
Credit
C
Contra
D
All of the above
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A contra asset account has what type of balance?
Debit
Credit
Contra
All of the above
Asset accounts have what type of balance?
Debit
Credit
Contra
All of the above
Real accounts records
Dealings with creditors or debtors
Dealings in commodities
Gains and losses
All of the above
Balance sheets are prepared
Daily
Weekly
Monthly
Annually
The following is also known as External Internal Equity ratio
Current ratio
Acid test ratio
Debt Equity ratio
Debt service coverage ratio
The debts, which are to be repaid within a short period (year or less) are known as
Current liabilities
Fixed liabilities
Contingent liabilities
All of the above
The liabilities that are payable in more than a year and are not be liquidated from current assets
Current liabilities
Fixed liabilities
Contingent liabilities
All of the above
Liquid or Quick assets =
Current assets – (stock + work in progress)
Current assets + stock + work in progress
(Current assets + stock) + work in progress
(Current assets + work in progress) – stock
Patents, Copyrights and Trademarks are
Current assets
Fixed assets
Intangible assets
Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
Current assets
Fixed assets
Intangible assets
Investments
The long term assets that have no physical existence but are rights that have value is known as
Current assets
Fixed assets
Intangible assets
Investments
Which of the following would not be found on a standardized income statement?
Cost of Sales
Amounts written off Investments
Tax on Income on Ordinary Activities
Provisions for Liabilities and Charges
Accounting provides information on
Cost and income for managers
Companys tax liability for a particular year
Financial conditions of an institution
All of the above
The following is (are) the current liability (ies)
Bills payable
Outstanding expenses
Bank overdraft
All of the above
A higher inventory ratio indicates
Better inventory management
Quicker turnover
Both A and B
None of the above
Which of the following source books will not be required in a cash business?
Bank Account
Petty Cash Account
Sales Ledger
Nominal Ledger
Which of the following balance sheet equations is wrong?
Assets + Liabilities = Capital
Assets - Liabilities = Capital
Assets - Capital = Liabilities
Liabilities + Capital = Assets
Balance sheet is a statement of
Assets
Liability
Capital
All of the above
Which of these is not included as a separate item in the basic accounting equation?
Assets
Liabilities
Revenues
Stockholders equity
Sales expenditure budget is prepared by estimating the expense(s) of
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Market analysis
Salesmans salary
All of the above