39. The difference between total assets and total liabilities is known as:
15. Journal used to record purchases of goods on credit on account is known as ------------
30. Which accounting principle states that expenses should be recognized in the same period as the related revenues?
40. Under the accrual basis of accounting, when is revenue recognised?
27. Which financial statement provides a snapshot of an organisation’s financial position at a specific point in time:
14. The difference between income and expenses is known as ------------
11. ------------ is a Journal as well as an account:
66. The following are methods adopted in stock taking except:
41. Which of the following is a long-term liability?
69. The following are effects of improper budgeting in PHC organisation except:
17. ------------ is a system where separate cash book is maintained for small payments
38. The principle of “conservatism” in accounting suggests that:
48. Which accounting concept dictates that each transaction should be recorded with at least one debit and one credit?
65. The acronym “FIFO” represents ------------ in stock management:
52. Which of the following is NOT a step in the budgeting process for community health?
58. How does budgeting impact decision-making in community health?
35. When a community health organisation receives a grant for a specific programme, which account is typically credited?
19. The difference between single column cash book and double column cash book is ------------
26. What is the primary purpose of accounting system in community health?
45. The process of allocating the cost of a long term asset over its useful life is known as:
44. The accounting equation is best represented as:
36. Which principle requires that financial information should be verifiable and accurate?
2. The followings are examples of invisible money except:
28. Which of the following best defines an accounting system in community health?
37. If a company pays its rent for the next six months in advance, which account is debited?
4. Three motives why individuals and firms hold money are:
31. Depreciation is an example of which accounting concept?
34. Which of the following is NOT a component of a double entry accounting system:
13. ------------ is another name for Subsidiary Books?
10. ------------ is an accounting concept?
54. What is an operating budget in community health?
32. Which financial statement provides a summary of an organization’s revenues and expenses over a specific period?
63. Accounts are generally classified into:
18. There are basically ------------ types of money?
64. The following factors are usually taken into consideration in establishing the stock level except the:
56. What does the term “cost benefit analysis” refer to in community health budgeting?
1. The full meaning of the acronym ‘GAAP’ in accounting is:
22. The purpose of the Trading Account is to determine:
55. What is a capital budget in community health?
29. A record of a financial transaction involving the receipt of cash is known as:
6. Ledger is the ------------ book of account:
47. When a customer returns a product and received a refund, which account is typically debited?
50. What is budgeting in community health?
59. In community health budgeting what is the purpose of a “need assessment”?
57. Why is monitoring and evaluation important in community health budgeting?
33. The process of transferring journal entries to the ledger is known as:
12. What does ‘Owner’s Equity’ means?
46. Which of the following is a current asset?
62. The following are the uses of journal proper except:
21. The following items are found on the left hand side of the Balance sheet except:
53. What role does community involvement play in the budgeting process for community health?
68. Capital as used in balance sheet simply means:
61. The following are the reasons for subsidiary books except:
42. Which accounting concept assumes that an organization will continue to operate indefinitely?
67. Budgeting allocation of money simply means:
7. Government accounting is governed by the:
25. In inventory control, ------------ is not a step in effective control procedure:
20. All Assets are recorded on the ------------ side of the Trial Balance:
51. What is the primary goal of budgeting in community health?
43. Which financial statement provides information about the sources and uses of cash during a specific period?
9. The purpose of the Trial Balance is to:
3. The following are characteristics of a good money except:
60. The value of money can be referred to the:
16. Double entry accounting principle states that, ‘debit the ------------‘
70. The following are books of original entries except:
5. The following are causes of increase in the supply of money except:
49. The process of dividing expenses between multiple accounting periods is called:
8. Sales Day Book is used to record ------------ transactions?
24. The following are examples of current assets except:
23. ------------ is the calculation of Net Profit in the Profit and Loss Account:
