Ecz Principles of Accounts grade 12 2011 paper 1
1) … is a summary of the cash book for the period.
A income and expenditure account
B Profit and loss account
C Balance sheet
D Receipts and payments account
2) A club’s income and expenditure statement is similar to
A profit and loss account.
B appropriation account.
C cash book.
D balance sheet.
3) Expenditure which is not spent on increasing value of fixed assets, but on running the business on day-to-day basis is
A capital expenditure.
B revenue expenditure
C interest paid.
D revenue receipt.
