1.
The two main branches of accounting are:
2.
Additional information
Assuming that assets decreased by $52,000 and liabilities increased by $24,000 during 2020, use the accounting equation to calculate equity at the end of 2020.
(Enter your answer as a whole number. Don't use a decimal.)
3.
Which of the following best defines a debit as it’s used in double-entry accounting?
4.
Which one of the following would never be shown in the Balance Sheet?
5.
In the accounts of sole traders, goods taken from stock during the year for personal use by the owner are treated as follows:
6.
A sales manager purchases office supplies with the company credit card. This transaction impacts the accounts payable and the office supplies accounts. In your journal entry, which account do you credit?
7.
Cash received from P. Brown (a debtor) was posted in error to the account of R. Brown. The correcting entries for this would be:
8.
The primary purpose of Accounting is to provide information about:
9.
The statement that portrays finacial position of the entity is:
10.
If Gross Profit for the year was 42,000,000Rwf, Miscellaneous Income came to 5,000,000Rwf, and Expenses amounted to 35,000,000Rwf, the Net Profit was:
11.
A basic rule of double-entry bookkeeping is:
12.
A way of bookkeeping that tracks which accounts increase and which decrease for a given transaction is known as:
13.
Charging the purchase of a Fixed Asset to the Purchases Account will result in:
14.
Cash received this year from a debtor whose account was totally written off last year should be treated as:
15.
You purchased inventory from your vendor and paid cash. The accounts affected are the inventory account and the cash account. In your journal entry, which account would you debit?
16.
Overlooking an item of stock costing 100,000Rwf (selling price 150,000Rwf) during the year-end stocktaking would result in:
17.
Overlooking stock costing 300,000Rwf in the year-end stocktake will:
18.
Which of the following best defines a credit as it’s used in double-entry accounting?
19.
Entering the balance of 20,000,000Rwf on an expense account on the wrong side of a Trial Balance would throw the Trial Balance out by:
03/12/2024
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the exam was medium
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the exam was somehow on fundamental accounting only
the test was a little difficult
Where can we get corrections for the questions we fail