Accounting Multiple Choice Questions and Answers

51. The following is a statement of revenues and expenses for a specific period of time

1. Trading account
2. Trial balance
3. Profit and loss statements
4. Balance sheet

52. The sales income (Credit and Cash) of a business during a given period is called

1. Transactions
2. Sales returns
3. Turnover
4. Purchase returns

53. Which of the following would not be found on a standardized income statement?

1. Turnover
2. Other Operating Income
3. Value of Intangible Non-current Assets
4. Distribution Costs

54. Which of the following is not an expense?

1. Wages and Salaries
2. Dividend Payments
3. Stationery
4. Materials

55. Which of the following is not a debit balance?

1. Wages and Salaries
2. Cost of Buildings
3. Taxation Paid
4. Capital Account