PGT Commerce Level-3 (HTEТ), Exam 2014Total Questions: 150141. Planning is aA. CoordinatingB. Decision-making in advanceC. ThinkingD. OrderingCorrect Answer: B. Decision-making in advance142. The word ‘communication’ is derived from which language?A. LatinB. GreekC. JapaneseD. SpanishCorrect Answer: A. Latin143. If the trial balance does not tally, it indicates thatA. Several errors have occurredB. Two errors have occurredC. At least one error has occurredD. Three errors have occurredCorrect Answer: C. At least one error has occurred144. How many parties are there in a ‘Promissory Note’?A. OneB. ThreeC. TwoD. FourCorrect Answer: C. Two145. What is the role of staff in ‘line-staff organization’?A. AuthoritativeB. AdvisoryC. ResponsibleD. ImplementingCorrect Answer: B. Advisory146. A Bill of Exchange is prepared byA. The DebtorB. The SellerC. The PurchaserD. The CreditorCorrect Answer: D. The Creditor147. Which of the following is not an account?A. Sales revenueB. Net salesC. SalariesD. Supplies expenseCorrect Answer: B. Net sales148. Accounting conventions include all of the following except:A. PeriodicityB. MaterialityC. ConservatismD. Cost-benefitCorrect Answer: A. Periodicity149. Which of the following accounts would never be reported in the income statement as an expense?A. Depreciation expenseB. Loss on sale of machineryC. Interest expenseD. Dividends expenseCorrect Answer: D. Dividends expense150. A capital reserve is built out of:A. Recurring profitsB. Non-recurring profitsC. RevenueD. Reserve fundCorrect Answer: B. Non-recurring profitsSubmit Quiz« Previous123456789101112131415
