Which of the following is not a source document?
Which of the following is not a source document? A. credit note B. invoice C. debit note D. bank note Correct Answer: Option D D. bank note
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Where there is a loss on disposal of a fixed asset, it means?
Where there is a loss on disposal of a fixed asset, it means? A. depreciation has been underestimated B. depreciation has been overestimated C. scrap value has not been estimated D. depreciation method used is inappropriate...
Read MoreWhere a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are?
Where a proprietor withdraws stock for personal consumption, the accounting entries to record the transaction are? A. debit drawings account, credit purchases account B. debit purchases account, credit sales account C. debit...
Read MoreResources consumed but to be paid for within the next accounting period are classified in the balance sheet as?
Resources consumed but to be paid for within the next accounting period are classified in the balance sheet as? A. current liabilities B. current assets C. long-term liabilities D. capital Correct Answer: Option A A. current...
Read MoreWhich of the following is apportioned in the proportion of the purchases of each department?
Which of the following is apportioned in the proportion of the purchases of each department? A. Discounts received B. selling commission C. bad debts D. carriage outwards Correct Answer: Option A A. Discounts received ...
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- 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?
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