Expenditure is a wider term than:

Purchase returns should be:

When goods purchased are returned to the supplier, it is referred to as:

Capital is also known as:

Which of the following best expresses the accounting equation?

Capital refers to:

Guarantees given by a business are considered:

Amount due to suppliers for goods purchased on credit is called:

Which of the following best describes a contingent liability?

Wages payable are classified as:

Which liability is usually paid off within one year?

Which of the following is NOT a current liability?

Where are current liabilities shown in financial statements?

Which of the following is NOT a current asset?

Wasting assets refer to:

Current assets are defined as assets which:

Which of the following is an example of a fictitious asset?

Intangible assets are those which:

Which of the following is a fixed asset?

In accounting, how many accounts are affected by a business transaction?

Which type of transaction involves payment or receipt of cash at a future date?

When payment is made immediately after a transaction, it is called a:

Which of the following best defines a transaction in accounting?

What does business entity refer to in accounting?

The ability of users to compare the financial statements of one enterprise with that of other periods or other enterprises is known as:

Which characteristic is reflected when accounting information is presented in a manner easily comprehended by users?

Information that helps users predict future outcomes and assess past performance is considered:

Which qualitative characteristic means that accounting information must be free from error and verifiable with evidence?

With which function does accounting help an organization interact with interested parties?

Which accounting process involves the preparation of trial balance, profit & loss account, and balance sheet?

The process of bringing together items of similar nature is called:

Which of the following is the basic function of accounting?

For what purpose do government and other regulators primarily use accounting information?

Which group uses accounting information to evaluate the company’s ability to pay interest and repay loans?

Suppliers and creditors typically use accounting information to determine:

Who among the following requires accounting information to assess the risk and return on investment?

Which of the following is an internal user of accounting information?

Which of the following techniques is NOT commonly used in management accounting?

Management Accounting uses data mainly drawn from:

Management Accounting primarily deals with:

Cost accounting mainly provides information to:

What is the primary purpose of Cost Accounting?

Which financial statements are commonly prepared in financial accounting?

Which is considered the oldest branch of accounting?

Financial Accounting primarily assists in:

In the double entry system, for every debit entry there must be:

How is the claim of outsiders on a business referred to?

In accounting terms, the owner's equity is also known as:

Which is the fundamental accounting equation in the Double Entry System?

According to the dual aspect concept of the Double Entry System, every transaction has: