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Multiple Choice Questions

Which of the following will not be recorded in the books of account?

Sales of goods

Payment of salary

Quality of staff

Purchase of goods

The basic function of financial accounting is to

Record all business transactions

Interpret financial data

Assist the management

None of these

Transactions are posted into ledger account from

Trial balance

Journal book

Bank staty

None of these

Which of the following is not an internal user of financial statement

Board of directors

Manager

Employees

Lenders

The amount invested by the proprietor in a business is termed as

Capital

Cash

Revenue

None of these

Which of the following is not a fixed asset

Buildings

Plant and Machinery

Cash

All of these

Bank overdraft is a

Short-term liability

Long term liability

Contingent liability

None of these

A person who owes money against sale of goods to a firm is known as

Creditor

Debtor

Both a and b

None of these

Which book is the combination of journal and ledger?

Cash book

Subsidiary books

None of these

A transaction which is passed on both sides of the cash book is called?

Contra entry

Ledger Folio

Credit note

None of these

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