Accounting for Managers

451. Subscription received in advance by a club is shown on the ______________ side of the balance sheet.

1. Liabilities
2. Assets
3. credit
4. debit

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452. Interest received on special fund investments will be added to ______________ fund in the balance sheet.

1. investment fund
2. bank fund
3. General
4. specia

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453. The information for the preparation of receipt and payments account is taken from ______________.

1. cash book
2. income and expenditure
3. cash book and balance sheet
4. revenue account

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454. Any profit on the sale of furniture of a cricket club will be taken to ______________.

1. income and expenditure account
2. cash account
3. profit and loss account
4. furniture account

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455. The main purpose of this ______________ accounting is to ascertain profit or loss during a specific period, to show financial position of the business.

1. financial accounting
2. cost accounting
3. management account
4. human resource accounting

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456. ______________ is allowed to encourage early cash payment.

1. Cash discount
2. Trade discount
3. Quantity discount
4. Price discount

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457. The prime function of accounting is to ______________

1. record economic data
2. provide the informational basis for action
3. classifying and recording business transactions
4. attain non-economic goals

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458. The system of recording transactions based on dual aspect concept is called ______________

1. double account system
2. double entry system
3. single entry system
4. single account system

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459. The cash book records ______________

1. all cash payments
2. all cash receipts
3. all cash receipts and payments
4. only credit payments

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460. Bank reconciliation statement is prepared by the ______________

1. bank
2. creditors of a business
3. customer of a bank
4. Suppliers

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