KASNEB CPA Foundation Level (Kenya) · Financial Accounting
Accounting concepts and double entry
14 practice questions, each with the answer and an explanation.
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Random questions from this topic, one at a time. You see the answer and the explanation straight after each one.
All 14 questions
- At the start of the year a trader's assets were KSh 900,000 and liabilities KSh 400,000. What was the owner's capital?
- A business buys office furniture for cash. What is the effect on the accounting equation?
- Which accounting concept requires that a business expects to continue operating in the foreseeable future?
- Which accounting concept requires revenue and expenses to be recorded in the period they occur, not when cash is paid or received?
- The business entity concept states that
- Which of the following is a capital expenditure?
- A debit balance on a bank account in the cash book means the business
- In double entry, the purchase of goods on credit from Mwangi is recorded by
- Which book of original entry records goods returned by customers?
- Which of these is a current liability?
- The total of a trial balance's debit column does not equal the credit column. Which error would cause this?
- Which of the following errors is not revealed by a trial balance?
- What is the purpose of a suspense account?
- Prepaid insurance at the end of the year is shown in the statement of financial position as
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