Total depreciation of an asset cannot exceed its:

Bad debts recovered account will be transferred to______________?

A. Debtor‘s Account
B. Profit and Loss Account
C. Provision for Doubtful Debt Account
D. Either (b )or C. above

When Bad debts are recovered the entry is
Cash A/c …………………………………………………… Dr.
To Bad debts recovered A/c
This A/c can either be transferred to P& L A/c or Provisions for Doubtful Debts A/c.

Which of the following is an one sided error?

A. 500 purchase of old equipment not recorded in the books of A/c at all
B. 500 being expense on travelling expense credited to travelling expenses
C. Both
D. None

A. An Asset in the Balance Sheet
B. A Liability
C. By adjusting it in the P & L A/c
D. Both B. and C. above
Outstanding salaries is the expense relating to the current accounting period but has not
been paid yet and therefore, it is a current liability.

A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal

Tax deducted at source A/c appears in___________?

A. Assets side
B. Liability side
C. Profit & Loss A/c
D. Debited to Capital A/c