The total of the discounts received column in the cash book is posted to the?
Credit of the discounts received account
Debit of the discounts allowed account
Credit of the discounts allowed account
Debit of the discounts received account
Correct answer is A
The discounts allowed column is on the debit side, while the discounts received column is on the credit side.
The total of the discount column on the credit side represents the total cash discount received from suppliers during the period and is posted to the discount received account maintained in the ledger.
Overstate income this year and understate in next year
Understate income this year and overstate in next year
Understate this year's income with no effect on the next year
Overstate the income for the two-year period
Correct answer is A
No explanation has been provided for this answer.
The purchase of two generators by Hassan Electronics Enterprises should be recorded as?
An acquistion of fixed assets
An expenses in its general office expenses account
An acquistion of stock
A part of capital in the capital account
Correct answer is A
No explanation has been provided for this answer.
N147,910
N138,500
N88,500
N85,800
Correct answer is C
No explanation has been provided for this answer.
When a transaction causes an assets account to increase, there is
A decrease of equal amount inthe owner's equity account
An increase in a liability account
An increase of equal amonut in another assets account
A decrease of equal amount in a liability account
Correct answer is B
No explanation has been provided for this answer.