A. Work sheets
B. Balance sheet
C. Journal
D. Charts
General Knowledge
Under diminishing balance method, depreciation amount is:
A. Payment
B. Receipt
C. Expenditure
D. Income
Double entry bookkeeping was fathered by:
A. Luca Pacioli
B. Ishikawa
C. Michael Hammer
D. None of these
Conversion loss occurs when:
A. Revenues exceed the matching relevant cost
B. Revenues and matching costs are not equal
C. When relevant matching cost exceeds revenues
D. Revenues and matching costs are equal to each other
Sugar used in a sugarcane company is:
A. Variable cost
B. Fixed cost
C. Step fixed cost
D. None of these
Amount, cash, or other assets removed from business by owner is:
A. Capital
B. Drawings
C. Assets
D. Liabilities
Under the Rule of Thumb, a good current ratio is:
A. 4 : 1
B. 12 : 1
C. 2 : 1
D. 6 : 1
Unpaid and unrecorded expenses are called:
A. Accrued expenses
B. Additional expenses
C. None of these
D. Prepaid expenses
Amalgamation can best be described as:
A. Subscription of capital of a company
B. Amalgamation of two different types of businesses
C. Reconstruction of capital of a company
D. None of these
Process costing is relevant to:
A. Job Order
B. Cement cost oriented projects
C. Banking industry
D. None of the these
