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