Accounting for Managers

481. Income and expenditure account reveals ______________.

1. cash in hand
2. surplus or deficiency
3. capital account
4. a. revenue account

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482. Any written document in support of a business transaction is called a ______________.

1. Voucher
2. Bill
3. Carbon copy
4. Expense bill

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483. Bills Receivable book is to keep record of ______________.

1. a. bills received from customers
2. a. bills received from supplier
3. a. credit purchases
4. a. credit sales

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484. Book-keeping is mainly concerned with ______________

1. recording of financial data relating to business operations
2. designing the system in recording, classifying, summarizing the recorded data
3. interpreting the data for internal and external end users
4. only for internal purposes

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485. Purchase of machinery is recorded in ______________

1. sales book
2. journal proper
3. purchases book
4. sales returns book

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486. A bank pass book is a copy of ______________

1. the cash column of a customers cash book
2. the bank column of a customers cash book
3. the customers account in the banks ledger
4. the customer account in the suppliers ledger

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487. Revenue receipts are ______________ in the business.

1. non-recurring
2. Recurring
3. Accumulating
4. non-accumulating

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488. Which account is generally used for rectification of errors?

1. Memorandum account
2. Suspense account
3. Rectification account
4. Adjustment account

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489. Balance sheet is a ______________

1. statement
2. Account
3. Ledger
4. Book

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490. A person who draws a bill of exchange is known as the ______________

1. Drawee.
2. Drawer.
3. Payer.
4. Payee.

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