ACCOUNTING (SS 1)

__________ can be defined as the account used to record the balances on a subsidiary account and to provide a cross-check on them.

• Profit and loss account

• Control account

• ledger

• cash book

A control account is a summary account in the __________.

• General ledger

• ledger

• purchase account

• sales account

Which of the following is an information containing in a sales ledger account

• Sales date

• invoice

• money

• receipt

In big organizations, many ledgers are kept for _______ and __________.

• Debtors and customer

• buyers and sellers

• creditors and buyers

• Creditor and debitors

_________ allows for tracking transaction within the controlling account in more details.

• Subsidary ledger

• ledger

• balance sheet

• fixed asset account

__________ is a statement that shows the representation of the summary of asset and liabilities in a well arranged form.

• Assets

• liabilities

• Balance sheet

• T-method

The indebtedness of the business to outsiders is called __________.

• Capital

• over-trading

• Liabilities

• drawings

Assets that are permanent in nature are called _________.

• fixed assets

• current assets

• liquid assets

• fictitious assets

The account that is used to show the gross profit or gross loss for the period is called ____.

• trading account

• profit and loss account

• errors

• deprciation

One of the following is not a terminology in a trading account.

• Purchases

• profit

• sales

• carriage outward