Which of the following is a credit item in an income and ...
Which of the following is a credit item in an income and expenditure account?
Electricity
Donations
Stationery
Bar suppliers
Correct answer is B
In the income and expenditure account, Expenditure (payments) is recorded on the debit side and income (receipts) is recorded on the credit side. If the credit side exceeds the debit side, it is called a surplus. On the other hand, if the debit side exceeds the credit side, there is a deficit. From the options given, only ''donations'' is an income the rest are all expenses.
Goods stolen at the branch is debited to ...
Which of the following accounts is debited when a delivery van is sold for cash? ...
When a buyer returns damages goods to the seller, the buyer receives a ...
Cost of rent as an expense can be apportioned to all department on the basis of: ...
Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hline \t...
The bank column in the cash book shows a credit balance of N180. This means ...
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...