Double entry implies that
Double entry implies that
A. Recording entries in journal
B. Recording entries in Ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
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Postage stamps on hand are considered as_________?
Postage stamps on hand are considered as_________?A. Bank
B. Prepaid expenses
C. Accounts receivable
D. CreditorBookkeeping mainly concerns with which part of accounting process?
Bookkeeg mainly concerns with which part of accounting process?
A. Analyzing
B. Preparing financial statements
C. Recording financial information
D. Auditing the books of accountsBad debts recovered account will be transferred to______________?
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. aboveWhen 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.Fresh capital introduction will increase____________?
Fresh capital introduction will increase____________?
A. Assets and liabilities
B. Assets and equity
C. Liabilities and equity and bank balance
D. Capital and liabilitiesCash received from debtor is recorded in which of the following SPECIALIZED journals?
Cash received from debtor is recorded in which of the following SPECIALIZED journals?
A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journalHow 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. 5