2.8 Correction of errors and Suspense Account.

A part of public company’s profits belonging to the shareholders is

a. public issue

Correct Incorrect Correct answer

b. bonus

Correct Incorrect Correct answer

c. right issue

Correct Incorrect Correct answer

d. dividends

Correct Incorrect Correct answer

Advertising expenses incurred on a product in a business organization should be charged to

a. Sales department

Correct Incorrect Correct answer

b. Production department

Correct Incorrect Correct answer

c. Purchase department

Correct Incorrect Correct answer

d. Administration department

Correct Incorrect Correct answer

The amount called in respect of a share but not paid before or on the date fixed for payment is referred to as:

a. Call in advance

Correct Incorrect Correct answer

b. call in arrears

Correct Incorrect Correct answer

c. forfeiture

Correct Incorrect Correct answer

d. shares

Correct Incorrect Correct answer

When goodwill is not retained in the business, the entries in the new partners books will be to debit______________

a. Goodwill account and credit partners capital account

Correct Incorrect Correct answer

b. Cash account and credit goodwill account

Correct Incorrect Correct answer

c. Goodwill account and credit cash account

Correct Incorrect Correct answer

d. Partners capital account and credit goodwill account

Correct Incorrect Correct answer

If the purchase price exceeds the net assets of a company, the excess amount is debited to________________

a. Cash account

Correct Incorrect Correct answer

b. purchase account

Correct Incorrect Correct answer

c. goodwill account

Correct Incorrect Correct answer

d. sales account

Correct Incorrect Correct answer

Calls in advance are treated in the balance sheet as_______

a. Current asset

Correct Incorrect Correct answer

b. Fixed asset

Correct Incorrect Correct answer

c. Current liability

Correct Incorrect Correct answer

d. Fixed liability

Correct Incorrect Correct answer

Why are adjustments in the profit and loss account necessary?

a. To cover some expenses of the following year

Correct Incorrect Correct answer

b. To show the provisions made during the year

Correct Incorrect Correct answer

c. To show the total expenses paid and income received during the year

Correct Incorrect Correct answer

d. To ascertain the actual expenses incurred and income earned during the year

Correct Incorrect Correct answer

The correct expression of accounting equation is

a. Assets = Liabilities + Equity

Correct Incorrect Correct answer

b. Net assets = Liabilities + Equity

Correct Incorrect Correct answer

c. Assets + Liabilities = Equity

Correct Incorrect Correct answer

d. Assets = Equity – liabilities

Correct Incorrect Correct answer

Subscription in advance is treated in the balance sheet as a

a. current asset

Correct Incorrect Correct answer

b. current liability

Correct Incorrect Correct answer

c. fixed asset

Correct Incorrect Correct answer

d . long term liability

Correct Incorrect Correct answer

Which of these is a content of a master file?

a. All records relevant to the organization.

Correct Incorrect Correct answer

b. Records of assets of the organization

Correct Incorrect Correct answer

c. A collection of data items

Correct Incorrect Correct answer

d. All records relating to employees

Correct Incorrect Correct answer

An evidence of payment issued to a government ministry by a revenue collector is

a. treasury receipt

Correct Incorrect Correct answer

b. receipt voucher

Correct Incorrect Correct answer

c. payment voucher

Correct Incorrect Correct answer

d. treasury card

Correct Incorrect Correct answer

When expenses are paid on behalf of the venture, the accounting entries is to debit

a. bank account and credit joint venture account

Correct Incorrect Correct answer

b. expenses account and credit bank account

Correct Incorrect Correct answer

c. joint venture account and credit expenses account

Correct Incorrect Correct answer

d. joint venture account and credit bank account

Correct Incorrect Correct answer

2.8 Correction of errors and Suspense Account.

2.8 Correction of errors and Suspense Account.

Thomas Bamidele May 23, 2024

Quiz Summary

Information

Results

Results

Categories

1. Question

2. Question

3. Question

4. Question

5. Question

6. Question

7. Question

8. Question

9. Question

10. Question

11. Question

12. Question

Related