Financial Account SS 2

1

2

Preliminary expenses is an example of ________        

(A) Fictitious asset       (B) Fixed asset 

(C)Tangible asset         (D) Creditor.

(A) Fictitious asset

2

2

______ is found on the debit side of the adjusted cash book

(A) Payment under cast  (B) bank charges 

(C) interest received   (D) Payment overcast.

(C) interest received

3

2

In a non-profit organization, the accumulated fund is regarded as ________

(A) Profit                       (B) Loss

(C) Capital                    (D) Surplus.

(C) Capital

4

2

Accounting concepts include all of the options EXCEPT 

(A) Going concern   (B) Realisation 

(C) Consistency      (D) Business

(D) Business

5

2

The principle of double entry was invented by

(A) Akintola Williams     (B) Luca Pacioli

(C) Frank wood     (D) Adam Smith

(B) Luca Pacioli