SIICOL WELCOME TEST(SSS2 F/A )

The principle of double entry book keeping states that

• every debtor must have a creditor

• every account debited must be immediately credited

• for every debit entry, there must be a corresponding credit entry

• for every double debit, there must be a double credit

A statement showing a trader's financial position as at a particular date is a/an

• trading account

• profit and loss account

• balance sheet

• appropriation account

Excess of current assets over current liabilities is

• deferred capital

• nominal capital

• working capital

• authorised capita l

Upon the dissolution of partnership business, the part to be settled first out the proceeds realised is

• unsecured creditors

• partners loan and advances

• secured creditors

• partners' capital

In departmental accounts, administrative expenses are recorded in the

• Trading account

• Balance sheet

• Profit and loss account

• profit and loss appropriation account

Cash receipts and payments involving discount are entered in

• three-column cash book

• two-column cash book

• analytical cash book petty cash book

The accumulated fund of not-for-profit organisation is

• a fixed asset

• a current asset

• a liability

• capital

Which of the following is not prepared by a partnership?

• Trading Account

• Profit and Loss Account

• Income and Expenditure Account

• Profit and Loss Appropriation Account

Which of the following date lines is correct for a profit and loss account?

• For the year ended 31st December 2009

• As at 31st December 2009

• For the period 31st December 2009

• As at the year 2009

The method of ascertaining capital from incomplete records is by preparing the

• cash book

• statement of affairs

• suspense account

• control account