Question # 1

The main goal of bank reconciliation statement is:

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If the discrepancy is due to error rather than timing

If the discrepancy is due to timing rather than error

If the discrepancy is due to error rather than amount

If the discrepancy is due to amount rather than timing

Which one of the following is equal to the carrying cost of an asset?

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original cost minus accumulated depreciation

original cost plus accumulated depreciation

original cost minus residual value

____ is the detail of transaction in one account provided by the bank

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bank statement

income statement

bank reconciliation statement

Which of the following is non profit-able organization?

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Partnership

Trust

Limited Company

Income of the business includes:

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Cash sales only

Credit sales only

Credit purchase only

Both cash sales and credit sales

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

In an account if credit< debit side then the balance is known as

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Negative Balance

Debit Balance

Positive Balance

Credit Balance

An informal accounting statement that lists the ledger account balance at a time and compare the total of debit balance with the total of credit balance is known as :

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Income statement

balance sheet

trail balance

cash book

We can say that business in profit when

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Assets exceeds expenditure

Assets exceeds liabilities

income exceeds expenditure

income exceeds liabilities

A book in which receipts and payments are recorded is known as

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Pass book

Cash book

Purchase book

Sales book

Which of the following account will be credited if business purchased a vehicle on cash?

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vehicle account

cash account

bank account

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