Accounts Updated on Dec 8, 2020 by FlashisaacDec 8, 2020 Welcome to Flashlearners Accounts Quiz... Read Each Question Carefully And Choose The Best Answer From The Options. You May Click Here for Free Video Tutorials To Boost Your Score Or Simply Click Here To Access Thousands of Accounts Questions Offline. Next To Begin...1. The main objective of bookkeeping is to record economicEvent clearly to ensure adequate checks and balancesTransactions systematically for routine managerial decision makingTransactions systematically to ascertain the financial position of a businessEvent clearly to facilitate strategic managerial decision making2. The most convenient cash book used by a petty trader operating in an area where there is no banking facility isTwo columnSingle columnFour columnThree column3. Use of straight-line method to calculate the total annual depreciationA machine worth #15,000 has a useful life of 4 years and an expected disposal value of #4,000. Use of straight-line method to calculate the total annual depreciation.#3,750#2,750#3,570#2,5704. Which of the following relate to the profit and loss account of a manufacturing firm?Direct materialsWork-in-progressDirect labourAdministration overhead5. An expense account is closed by debit toThe expense account and a credit to profit the loss accountAn asset account and credit to the expense accountThe expense account and the credit to an asset accountProfit and loss account and a credit to the expense account6. The cost of acquiring fixed assets and bring them into the firm is aRevenue expenditureGeneral expensesCapital expenditureRecurrent expenditure7. Which of the following is an example of intangible asset?Stock of goodsMotor vehiclesTrade creditorsTrade debtors8. The cost of acquiring fixed assets and bring them into the firm is aRevenue expenditureGeneral expensesCapital expenditureRecurrent expenditure9. Which of the following relate to the profit and loss account of a manufacturing firm?Direct materialsWork-in-progressDirect labourAdministration overhead10. The cost of machine was #100,000 and an estimate salvage value of #2,000 with a useful life of 14 years. What's the accumulated depreciation for the past 4 years?#72,800#72,000#26,000#28,000Time is Up!