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Accountancy
Principles of Accounting
204
Accounting Miscellaneous
344
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Accounting Miscellaneous
The definition of inventory includes which of the following items?
Items held for resale
Items currently in production for future sale
Materials used currently in the production of goods to be sold
All of these
The definition of inventory includes following items: – Items held for resale – Items currently in production for future sale – Materials used currently in the production of goods to be sold
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Principles of Accounting
What rate of commission is charged by the bank issuing the credit card?
1% to 3%
3% to 6%
2% to 5%
1% to 4%
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Principles of Accounting
Element/s of Cost of a product are:
Material only
Labour only
Expenses only
Material, Labour and expenses
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Principles of Accounting
Which is a book (or printout) holding all the accounts?
Chart of Accounts
Journal
Ledger
Trial balance
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Principles of Accounting
A detailed record of changes of assets, liabilities, or owner’s equity is known as:
An account
A journal
A ledger
A trial balance
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Principles of Accounting
The process of recording financial transactions in the journal is called:
Journalizing
Utilizing
Posting
Balancing
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Principles of Accounting
Assets that will be used for a number of years in the operation of a business
Plant assets
Frozen assets
Exponetial Assets
Pi
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Principles of Accounting
Which is an unearned income?
Insurance premium received in advance
Rent received in advance
Depreciation
Both A & B
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Principles of Accounting
Information from a Trial Balance goes to all of the financial statements EXCEPT:
Income Statement
Statement of Owner’s Equity
Balance Sheet
Statement of Cash Flows
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Principles of Accounting
Posting means the recording of a transaction:
In any two accounts.
On the debit side of an account related to that transaction.
On the credit side of an account related to that transaction.
On the proper side of two accounts related to that transaction.
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