Which expenditure reduces profitability?
A. Return expense
B. Capital expenditure
C. Revenue expenditure
D. Disallowed expense
Answer: C
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Which expenditure shows the cost of purchasing non-current asset and cost of improvements to a non-current asset that lead to increased revenue?
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The concept that hold that profit is made by including revenue and costs
A. Accrual concept
B. Matching concept
C. Going concern
D. Double entry concept
Answer: A
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------------- accounting concept make distinction between the receipt and payment of cash as legal obligation
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Which account allow for goods sold for cash to be debited as cash comes in and credited as cash goes out?
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Which is known as accounts of assets?
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The essential rule of double entry system of accounting is known as ------------
A. Prime entry rule
B. Journal entry rule
C. Trial balance rule
D. Golden rule
Answer: D
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-------------------- is used instead of a cash ledger account in the general ledger
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One of these is one of the why three column is not commonly in practice
A. Cash received and paid is usually entered on the debit side of the account
B. Cash received and paid are entered into day journal
C. Cash received and paid is usually recorded in a separate petty cash book
D. Cash received and paid is usually entered on the credit side of the account
Answer: C
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-------------- is a reduction given by the supplier of goods to a buyer if the latter pays for them within a period by the seller at the time
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