Bank reconciliation statement is a part of_________?
Bank reconciliation statement is a part of_________?
A. Cash book
B. Trial balance
C. Auditors report
D. None of these
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Period cost include which of the following ?
Period cost include which of the following ?
A. selling Expense
B. Direct labor
C. factory overhead
D. selling Expenses & administrative expenses___________ helps business to classify transactions according to their nature?
___________ helps business to classify transactions according to their nature?A. General journal
B. Real accounts
C. Ledger accounts
D. Cash accountsThe unsold goods are ______________?
The unsold goods are ______________?
A. Equity
B. Sale return
C. Inventory
D. PurchasesPostage stamps on hand are considered as_________?
Postage stamps on hand are considered as_________?A. Bank
B. Prepaid expenses
C. Accounts receivable
D. CreditorIf a company has contingent liabilities, they appear in the__________?
If a company has contingent liabilities, they appear in the__________?
A. Balance Sheet
B. Directors‘ report
C. Notes on account to Balance Sheet
D. Chairman‘s report
Contingent liabilities are disclosed in the notes to Balance SheetWhen bill discounted with the bank is dishonored?
When bill discounted with the bank is dishonored?A. Acceptor‘s Account is debited in the books of drawer
B. Bills Receivable Account is credited in the books of drawer
C. Bank Account is debited in the books of drawer
D. Bills Payable Account is debited in the books of drawer
When a bill discounted with bank has been dishonoured, the drawer debits the Acceptors Account (restores the acceptor status a debtor for the amount due) and credits the Bank Account or Cash Account (the amount he pays to bank). The acceptor debits the Bills Payable Account, the noting charges and credits the Drawer‘s Account (Restores the status quo of the creditor to whom he is due to pay). Hence option A. is correct. All other options are incorrect.