Identify the asset from the following:
Identify the asset from the following:
A. Cash and cash equivalent
B. Creditors
C. Notes payable
D. Bank loan
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Goods returned by customer should be debited to which of the following accounts?
Goods returned by customer should be debited to which of the following accounts?
A. Sales income account
B. Sales account
C. Return inward account
D. Expenses accountA check returned by bank marked “NSF” means that:
A check returned by bank marked “NSF” means that:A. Bank can’t verify your identity
B. There are not sufficient funds in your account
C. Check has been forged
D. Check can’t be cashed being illegalWhich of the following is a type of cash receipt journal + cash payment journal?
Which of the following is a type of cash receipt journal + cash payment journal?
A. Bank statement
B. Statement of cash flow
C. Cash book
D. Cash documentsIf actual bad debts are more than the provision for bad debts, then there will be a_____________?
If actual bad debts are more than the provision for bad debts, then there will be a_____________?
A. Credit balance of Provision for Bad Debts Account
B. Debit balance of Provision for Bad Debts Account
C. Debit balance of Bad Debts Account
D. Debit balance of Discount on Debtors AccountProvision for Bad Debts Account is created for writing off bad debts. Since the provision for bad debts is a credit balance account, If the actual bad debts exceed the provision created then there will be debit balance of provision for bad debts account.
Financial accounting provides financial information to all of the following external users except:
Financial accounting provides financial information to all of the following external users except:
A. Government agencies
B. investors
C. Creditors
D. ManagersWhich of the following is not a method of charging depreciation?
Which of the following is not a method of charging depreciation?
A. Straight line Method
B. Written down value Method
C. Discounted present value Method
D. Sum of digits Method