The equivalent of income and expenditure account in a trading concern is
Trading account
Profit and loss account
Appropriation account
Balance sheet
Correct answer is B
The income and expenditure account is an account prepared by non-trading concerns to ascertain surplus or deficit of income over expenditures for a particular period. Its equivalent is the profit and loss account .
An income statement or profit and loss account is one of the financial statements of a company and shows the company's revenues and expenses during a particular period.
Which of the following is not an input device?
Card reader
Paper top reader
Alpha-numeric keyboard
Line partnership
Correct answer is D
In computing, an input device is a piece of equipment used to provide data and control signals to an information processing system such as a computer or information appliance. Examples of input devices include keyboards, mouse, scanners, digital cameras, joysticks, and microphones.
Rent accrued in 2009 was D140, in 2010, D900 was paid while D160 was outstanding. Rent for 2010 was
D1,200
D1,060
D920
D880
Correct answer is C
Accrued rent = 140
900 - 140 = 760
760 + 160 = 920
Going concern
Entity
Consistency
Realization
Correct answer is D
The realization principle is the concept that revenue can only be recognized once the underlying goods or services associated with the revenue have been delivered or rendered, respectively. Thus, revenue can only be recognized after it has been earned.
Which of the following is a component of prime cost?
Depreciation
Royalty
Factory rent
Factory electricity
Correct answer is D
Direct materials are one of the main components of prime costs and include raw materials and supplies that are consumed directly during the production of goods. In production, electricity is required to aid the process. This makes it a part of the prime cost