Which of the following accounts will be credited if a company purchases building for cash?

Which of the following is not a cause of difference in balance as per cash book and balance as per bank pass book___________?

A. Errors in cash book
B. Errors in pass book
C. Cheques deposited and cleared
D. Cheques issued but not presented for payment

A. Current assets
B. Intangible assets
C. Deferred revenue expenditure
D. Not an asset
Computers taken on hire by a business for a period of twelve months is not an asset because it is not owned by the business to be classified as asset. Thus, the correct answer is D.. Since it is not an asset it cannot be classified as any asset and other alternatives are not the correct
answers.

Payments received in advance from a customer for a contract can be__________?

A. Shown as a deduction from contract work-in-progress on asset side
B. Shown as a liability
C. Credited to P&L A/c
D. Either A. or B. above

Net sales equals, sales minus:

A. Return outwords
B. Return inwards
C. cost of goods sold
D. carriage on sales