Accounts - Principles of Accounts Past Questions

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2501

Given:
I. Settlement of debts
II. Cessation of business
III. Introduction of assets
IV. Disposal of assets
Which of these constitutes dissolution of partnership?

A. II and IV only
B. I,II and IV only
C. I,II and III only
D. II,III and IV only

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2502

The use of a three column cash book is determined by

A. cash discount
B. trade discount
C. cash transaction
D. Bank transaction

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2503

The discount column on the left-hand side of cashbook represents a discount

A. received from a creditor
B. allowed to a debtor
C. received from a debtor
D. allowed to a creditor

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2504

Which of the following is used to service all operations of government?

A. Consolidated Revenue Fund
B. Consolidated Reserve Fund
C. Special Operational Fund
D. General-Reserve Fund

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2505

The tier of government that uses financial memorandum

A. Federal government
B. state government
C. local government
D. municipal government

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Accounts - Principles of Accounts Past Questions

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