The amount set aside out of profit for a specific purpose is? A. provision B. reserve C. depreciation D. depletion Correct Answer: Option A A....Read More
Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span?
Which of the following terms describes the provision made for the loss in the value of an asset that has a legal life span? A. capitalization B. depreciation C. depletion D. amortization Correct Answer: Option B B....Read More
The total of the purchases day book is posted to the purchases account in the? A. general ledger B. purchases journal C. private ledger D. purchases ledger Correct Answer: Option D D. purchases...Read More
Which of the following items is not shown in the Trial Balance? A. closing stock value B. opening stock balance C. opening debtors balance D. closing asset value Correct Answer: Option A A. closing stock...Read More
Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in?
Pending the location of an error, the difference disclosed in a trial balance is temporarily treated in? A. suspense Account B. trading account C. control account D. profit and loss account Correct Answer: Option A A. suspense...Read More
- Goodwill is taken into account in partnership when?
- When partners maintain fixed capital accounts, the correct entries for a partner’s share of profit is?
- When a discount is allowed, the accounting entry is debit Discount allowed and credit?
- Which of the following is not correct? It is the _______?
- Which of the following is not a debit item in the partnership profit and loss appropriation account?