Which of the following is the effect of an increase in the provision for discount allowed?
Increase in net profit
Decrease in ross profit
Decrease in net profit
Increase in gross profit
Correct answer is C
No explanation has been provided for this answer.
In a partnership business, the net profit serves as opening figure for
Trading account
Profit and loss account
Current account
Appropriation account
Correct answer is D
No explanation has been provided for this answer.
Business entity
Realization
Going concern
Dual-aspect
Correct answer is A
No explanation has been provided for this answer.
An analytical cash book is used to
Indicate source of cash received
Categorise petty cash payment
Separate cash and bank balance
Analyse amounts due from debtors
Correct answer is C
No explanation has been provided for this answer.
A sales Day book is used for recording
Credit sales
Sales returns
Hire purchase
Cash sales
Correct answer is A
No explanation has been provided for this answer.