Which of the following demonstrates the imprest system?
Float → expenses paid → cash in bank → float
Float → cash from bank → expenses paid → float
Float → expenses paid→ cash from bank → float
Float → cash in bank → expenses paid → float
Correct answer is C
No explanation has been provided for this answer.
Erroneous rearrangement of financial figures such as writing N624 as N264 is called
Transposition
Principle
Commission
Omission
Correct answer is A
No explanation has been provided for this answer.
The term 'posting' in Accounting refers to
Recording entries in the journal
Transferring the balance in the ledger to the trial balance
Tracing amounts from the journal to the ledger to find errors
Transferring entries to the ledger from the journal
Correct answer is D
No explanation has been provided for this answer.
Books of original entry are used for
Recording business transactions
The adjustment of accounts
Reminding the book keeping to post transactions in the ledger
Informing the bookkeeper about the state of affairs
Correct answer is A
No explanation has been provided for this answer.
The effect of the payment of liability is that it
Increase both assets and liabilities
Increase assets and decrease liabilities
Decrease assets and increase liabilities
Decrease both assets and liabilities
Correct answer is D
No explanation has been provided for this answer.