Any donation received for a specific purpose is a_________?
Any donation received for a specific purpose is a_________?
A. Liability
B. Assets
C. Revenue receipts
D. Capital receipts
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A cash book with cash, bank and discount column is commonly referred as________?
A cash book with cash, bank and discount column is commonly referred as________?A. Cash book
B. Two columns cash book
C. Three columns cash book
D. Petty cash bookThe balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
A. General Reserve A/c
B. Profit & Loss A/c
C. Asset A/c
D. Capital Reserve A/cAccording to AS-10 on disposal of a previously revalued item of fixed asset, the difference between net disposal proceeds and the net book value should be charged or credited to the Profit & Loss Statement except that to the extent that such a loss is related to an increase which was previously recorded as a credit to revaluation reserve and which has not been subsequently reversed or utilized, it may be charged directly to that account. This balance (no longer needeD. being of capital nature should be transferred to Capital Reserve Account.
Cash brought by the owner to start business is called__________?
Cash brought by the owner to start business is called__________?
A. Capital
B. Loan
C. Drawing
D. None of theseHow many parties are generally found in a Bill of Exchange?
How many parties are generally found in a Bill of Exchange?A. 4
B. 2
C. 3
D. 5A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash bookA. $1000 will be added to cash book balance
B. $2000 will be deducted from cash book balance
C. $3000 will be added to cash book balance
D. $3000 will be subtracted from cash book balanceThe process of recording transactions in different journals is called_________?
The process of recording transactions in different journals is called_________?
A. Posting
B. Entry making
C. Adjusting
D. Journalizing