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Question: Which of the following is a common method of calculating depreciation?Options: Straight-Li..
Question: When should a sole trader recognize revenue according to accounting standards?Options: Whe..
Question: Which accounting standard governs the preparation of financial statements for sole traders..
Question: Which inventory valuation method results in the highest profit during periods of rising pr..
Question: What is the effect of recording depreciation on the final accounts?Options: Increases net ..
Question: Which of the following is a characteristic of a sole trader\'s final accounts?Options: Sep..
Question: If a sole trader\'s net profit is $20,000 and drawings are $5,000, what is the closing cap..
Question: What is the journal entry for recording a purchase of inventory on credit for $3,000?Optio..
Question: Which accounting standard governs the preparation of financial statements in many countrie..
Question: What method of inventory valuation uses the most recent costs for the cost of goods sold?O..
Question: How is straight-line depreciation calculated for an asset costing $10,000 with a useful li..
Question: If a sole trader has a trial balance showing total debits of $50,000 and total credits of ..
Question: What is the journal entry for recording sales revenue of $5,000?Options: Debit Cash $5,000..
Question: What is the journal entry for recording accrued expenses at year-end?Options: Debit Expens..
Question: Which of the following accounts would be closed to the income summary at year-end?Options:..
Question: What is the effect of an overstatement of closing inventory on the financial statements?Op..
Question: How is the closing inventory valued under the FIFO method?Options: Based on the oldest inv..
Question: What is the journal entry for recording the purchase of inventory on credit?Options: Debit..
Question: What is the purpose of preparing final accounts for a sole trader?Options: To calculate ta..
Question: How is depreciation calculated using the straight-line method?Options: Cost of Asset - Sal..
Question: What is the journal entry for recording a sole trader\'s capital contribution?Options: Deb..
Question: How is net profit calculated in the final accounts?Options: Total Revenue - Total Expenses..
Question: Which of the following is a current liability in the final accounts?Options: Bank LoanAcco..
Question: Which accounting standard is primarily applicable to the preparation of final accounts?Opt..
Question: What is the effect of drawings on the final accounts of a sole trader?Options: Increase ne..
Question: What is the accounting treatment for depreciation in the final accounts?Options: It is add..
Question: Which of the following is a common adjustment made in final accounts?Options: AccrualsPrep..
Question: What is the typical format of the income statement for a sole trader?Options: Single-step ..
Question: In the final accounts, how is the owner\'s equity calculated?Options: Assets - Liabilities..
Question: What is the purpose of a trial balance in the accounting process?Options: To prepare the f..
