If sales return is understated, it implies that ------------------------------ is overstated
Return inward
Sales figure
Cost of sales
Return outward
Correct answer is B
This is so because returns inwards are deducted from sales to ascertain the actual sales made after subtracting defected goods
Use the following information to answer this question.
N11,700
N26,700
N88,000
N85,000
Correct answer is C
Creditors plus subscription in advance 85000 + 3000 = 88,000
If a trail balance is in agreement, one of the statement is untrue
The accounting system is error free
Equal debit entries and credit entries were recorded for each transaction
The debit and credit from the journal were posted to the accounts
Account balances were correctly computed
Correct answer is A
Agreement of trial balance does mean it is error free. Some errors might not be disclosed by mere agreement
Financial accounting
Accounting policies
Cost accounting
Accounting conventions
Correct answer is B
No explanation has been provided for this answer.
Goods stolen at the branch is debited to
Branch stock account
Defalcations account
Branch debtors account
Branch adjustment account
Correct answer is D
No explanation has been provided for this answer.