Grade 12 Principles of Accounts 2018 Quiz

The Gross Profit Margin shows the relationship between Gross Profit and ....

When goods and services are sold above Cost Price, the difference is ....

Which of the following is not one of the ethics in Accountancy?

Which one of the following is a benefit to the company for adhering to ethics in Accountancy?

alculate the Cost of Raw Materials used from the following: Purchases of raw materials K600 000.00, Factory wages K100 000.00, Opening stock of raw materials K55 000.00 and closing stock of raw materials K80 000.00.

Total Cost of Finished Goods divided by the quantity produced gives us the ....

If a bonus is given to a partner then it is recorded in the ..... Account.

Which of the following does not appear in the Appropriation Account of a partnership?

Which of the following items is used in purchases calculation for single entry organisations?

Incomplete records are best described as records Which .....

In the absence of drawings and additional capital, capital at the end less capital at start is equal to .....

In the absence of drawings and additional capital, capital at the end less capital at start is equal to .....

Which of the following is Revenue Expenditure?

A club has a credit balance of K292.00 as its subscription. During the year subscriptions of K2 600.00 were received, but K148.00 of this was paid in advance for the following year. What is the amount transferred to the Income and Expenditure Account?

In a club Balance Sheet, subscriptions paid in advance are recorded as a ....

Which of the following items would not appear in the Sales Ledger Control Account?

Kafue Textiles purchased an industrial sewing machine. What expenditure is this?

A Revised Cash Book shows the ....

If the bank refuses to pay cash against a cheque then it is said to be a.....Cheque.

Which of the following errors would be revealed by the Trial Balance?

A purchase of goods at K450.00 from Jelita Mulenga was entered in error in Gerald Mulenga’s Account. What type of error is this?

Expenses which a firm has incurred but not yet paid for are called .....

Moola bought equipment at K100 000.00 cash on 1st January 2015. He chargesdepreciation at 10 percent using the straight line method. What will be the accumulated depreciation figure on 31st December 2017?

Given that current assets are K2 000.00, current liabilities K800.00, fixed assetsB K1 500.00. Calculate the working capital.

Which of the following should be charged to the Profit and Loss Account?

To find out whether our double entry has been carried out correctly, we prepare a .....

Net Profit is calculated in the ...…

The main book of Accounts where the double entry system is completed is known as the .....

The Accounts of our customers are kept in the .... Ledger.

The main book of Accounts where the double entry system is completed is known as the .....

In which class of ledger accounts is capital recorded?

The book of prime entry where we record the sale of old equipment is called .... Journal.

What is the source document for recording transactions in the Purchases Day Bo

Goods bought and paid for immediately is an example of a .... transaction.

The exchange of goods, money and services between persons is called .... transaction.

The prudence concept states that accounts should .....

The importance of accounting in business is to .....