A sales day book is used to record
Cash sales of stock
Credit sales of stock
Cash and credit sales of stock
Cash sales of fixed assets
Credit sales of fixed assets
Correct answer is B
No explanation has been provided for this answer.
Subscription in advance is treated in the Balance sheet of non-profit making organizations as
Current asset
Fixed asset
Current liability
Accumulated fund
Goodwill
Correct answer is C
No explanation has been provided for this answer.
Undercasting of purchase
Overcasting of purchases
Original entry
Transportation of returns outwards
Omission of creditor's balance
Correct answer is A
No explanation has been provided for this answer.
Which of the following is true in Public sector accounting? Cost of assets is
Depreciated on straight line method
Depreciated on reducing balance method
Expensed in the year of purchase
Charged to federation account
Not recognized in any form
Correct answer is C
No explanation has been provided for this answer.
The loss made by a non-trading organization is called
Surplus
Drawing
Deficit
Shortage
Discount
Correct answer is C
No explanation has been provided for this answer.