Advanced bookkeeping

Name an ethical principle of accounting

• Confidentiality
• Prudence
• Definition
• Approach

Term to describe the amount of an expense due in an accounting period which is unpaid at the end of that period

• Prepayment
• Expense
• Accrual
• Unpaid income

The financial statement that shows what a business is worth

• Statement of cashflows
• Profit or Loss
• Financial position
• Trial balance

An extended trial balance records irrecoverable debts in the debit column of the statement of

• Profit or loss
• Adjustments
• Cashflows
• Financial position

The purchase of fuel for delivery vehicles is treated as _______ expenditure

• Motor expenses
• Motor vehicles
• Capital
• Revenue

Control account which shows the total of the trade payables’ accounts of a business

• VAT
• Purchases ledger
• Wages
• Sales ledger

Depreciation method where a fixed percentage or fraction is written off the original cost, less any residual value, of the asset each year

• Carrying value
• Reducing balance
• Residual value
• Straight line

A loss on disposal of a non-current asset is recorded in the ____ column of the extended trial balance

• Debit
• Credit
• Adjustments
• Financial position

An account which is debited with the original cost of a non-current asset when it is sold

• Asset
• Disposals
• Depreciation
• Accumulated depreciation

Error where a transaction is not recorded in the accounting system

• Reversal
• Principle
• Omission
• Commission