Which of the following items is found on the debit side of the trial balance?
Provision for doubtful debts
Discount allowed
Discount received
Returns outwards
Correct answer is B
It has our assets, expenses, and drawings on the left (the debit side). The discount allowed is an expense and it is posted on the debit side of the trial balance.
One of the characteristics of useful accounting information is------
Profitability
Comparability
Efficiency
Liquidity
Correct answer is B
The four major qualitative characteristics of useful accounting information are comparability, verifiability, timeliness, and understandability.
Investors in a business are mainly interested in firm's-------
Liquidity
Debt
Management
Profitability
Correct answer is D
The most important thing investors want to see in a firm it invested in is the return on their investment, investors are mostly interested in how profitable a business venture is.
The cost of goods sold for the year is Le200,000 and the mark-up is 30%. The sale for the year is
Le260,000
Le200,000
Le140,000
Le60,000
Correct answer is A
No explanation has been provided for this answer.
A transaction that would cause the cash book balance to be less than the bank statement balance is
Direct debit
Standing order
Bank charges
Unprecedented cheques
Correct answer is D
No explanation has been provided for this answer.