[{"id":59185,"question":"A credit sale was wrongly passed through purchases book, the rectification of the entry will:","choices":[{"text":"Increase the net profit by, double amount","value":"A"},{"text":"Decrease the net profit","value":"B"},{"text":"Decrease the net profit by double amount","value":"C"},{"text":"Have no effect on the net profit","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":59184,"question":"Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:","choices":[{"text":"Assets account","value":"A"},{"text":"Expenses account","value":"B"},{"text":"Cash account","value":"C"},{"text":"Purchases account","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":59183,"question":"The profit which is earned during the ordinary course of business is regarded as:","choices":[{"text":"Capital profit","value":"A"},{"text":"Revenue profit","value":"B"},{"text":"Revenue loss","value":"C"},{"text":"Long term profit","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":59182,"question":"Capital contributed by the partners is a:","choices":[{"text":"Revenue receipt","value":"A"},{"text":"Capital receipt","value":"B"},{"text":"Current receipt","value":"C"},{"text":"Deferred receipt","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":59181,"question":"Error of posting effects:","choices":[{"text":"One account ","value":"A"},{"text":"Two accounts","value":"B"},{"text":"Three accounts","value":"C"},{"text":"Four accounts","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":59180,"question":"Error of principle involves an incorrect allocation of expenditure or receipt between.","choices":[{"text":"Capital and revenue","value":"A"},{"text":"Capital and capitalized","value":"B"},{"text":"Revenue and deferred revenue","value":"C"},{"text":"Revenue and revenue","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":59179,"question":"A receipt is revenue in nature, if it relates to:","choices":[{"text":"Balance sheet","value":"A"},{"text":"The receipt of accounting year","value":"B"},{"text":"Small amount","value":"C"},{"text":"Routine activity of the business","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":59178,"question":"Receipts which are non-recurring by nature:","choices":[{"text":"Capital receipts","value":"A"},{"text":"Revenue receipts","value":"B"},{"text":"Short term receipts","value":"C"},{"text":"Capital profit","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":59177,"question":"Goods purchased from Robin have been posted to Rahim account, it is an:","choices":[{"text":"Error of omission","value":"A"},{"text":"Error of casting","value":"B"},{"text":"Error of posting","value":"C"},{"text":"Error of commission","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":59176,"question":"A transaction has been journalized but posted wrongly in the ledger account, it is an:","choices":[{"text":"Error of positing","value":"A"},{"text":"Error of principle","value":"B"},{"text":"Error of omission","value":"C"},{"text":"Error of commission","value":"D"},{"value":"E"}],"correctAnswer":1}]