Who is considered to be the internal user of the financial information?

(a)

Creditor

(b)

Employee

(c)

Cutomer

(d)

Government

Accounting equation is formed based on the accounting principle of

(a)

Dual aspect

(b)

Consistency

(c)

Going concern

(d)

Accrual

J. F. means ___________

(a)

Ledger page number

(b)

Journal page number

(c)

Voucher number

(d)

Order number

A list which contains balances of accounts to know whether the debit and credit balances are matched is _______

(a)

Journal

(b)

Day book

(c)

Trial balance

(d)

Balance sheet

Purchase returns book is used to record_____

(a)

returns of goods to the supplier for which cash is not received immediately

(b)

returns of assets to the supplier for which cash is not received immediately

(c)

returns of assets to the supplier for which cash is received immediately

(d)

None of the above

In Triple column cash book, the balance of bank overdraft brought forward will appear in_________

(a)

Cash column debit side

(b)

Cash column credit side

(c)

Bank column debit side

(d)

Bank column credit side

When money is withdrawn from bank, the bank _______.

(a)

Credits customer's account

(b)

Debits customer's account

(c)

Debits and credits customer's account

(d)

None of these

Which of the following errors will not affect the trial balance?

(a)

Wrong balancing of an account

(b)

Posting an amount in the wrong account but on the correct side

(c)

Wrong totalling of an account

(d)

Carried forward wrong amount in a ledger account

A prepayment of insurance premium will appear in ______.

(a)

The trading account on the debit side

(b)

The profit and loss account on the credit side

(c)

The balance sheet on the assets side

(d)

The balance sheet on the liabilities side

Customised accounting software is suitable for _______.

(a)

Small, conventional business

(b)

Large, medium business

(c)

Large, typical business

(d)

None of the above