ACC 204 TMA Past Questions & Answers 2019

1. Question
Items of revenue and expenses that were recorded in the current year but would have are
Answer
Prior year adjustments

2. Question
Which is odd among the following?
Answer
Stability concept

3. Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called
Answer
Non-Current Assets

4. Question
An exceptional item is
Answer
Normal but excessive

5. Question
Depreciation is
Answer
The part of the cost of non-current asset consumed during its period of use by the company

6.Question
Non-Current assets are distinguished from current assets by the following characteristics EXCEPT
Answer
Usually stock in trade

7.Question
The following are examples of intangible assets EXCEPT
Answer
Human Resources

8. Question
Which of the following is NOT an attribute of goods sent on sales or return?
Answer
Goods out on approval can be retained beyond an agreed or reasonable time

9. Question
The purchase returns day book is used to record
Answer
Details of goods returned to suppliers

10. Question
Which of the following regarding non-current asset accounting is correct?
Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class

11. Question
Items of revenue and expenses that were recorded in the current year but would have are
Answer
Prior year adjustments

12. Question
Which is odd among the following?
Answer
Stability concept
13. Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called
Answer
Non-Current Assets

14. Question
An exceptional item is
Answer
Normal but excessive

15 .Question
Depreciation is
Answer
The part of the cost of non-current asset consumed during its period of use by the company
 

La2ush

Moderator
1. Question
Which of the following is NOT an attribute of goods sent on sales or return?
Answer
Goods out on approval can be retained beyond an agreed or reasonable time

2. Question
The purchase returns day book is used to record
Answer
Details of goods returned to suppliers

3 .Question
Which of the following regarding non-current asset accounting is correct?
Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class

4. Question
Items of revenue and expenses that were recorded in the current year but would have are
Answer
Prior year adjustments

5. Question
Which is odd among the following?
Answer
Stability concept

6. Question
Assets, with a life-span of more than one year, within the business on an ongoing basis, in order to generate revenue are called
Answer
Non-Current Assets

7. Question
An exceptional item is
Answer
Normal but excessive

8. Question
Depreciation is
Answer
The part of the cost of non-current asset consumed during its period of use by the company

9. Question
Non-Current assets are distinguished from current assets by the following characteristics EXCEPT
Answer
Usually stock in trade

10. Question
The following are examples of intangible assets EXCEPT
Answer
Human Resources

11. Question
Which of the following is NOT an attribute of goods sent on sales or return?
Answer
Goods out on approval can be retained beyond an agreed or reasonable time

12. Question
The purchase returns day book is used to record
Answer
Details of goods returned to suppliers

13. Question
Which of the following regarding non-current asset accounting is correct?
Answer
Non-current assets may be revalued at the discretion of management. Once revaluation has occurred, it must be done for all non-current assets in a class
 
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