Fixed assets and current assets
Assets and long term liabilities
Assets and liabilities
Assets and capital
Correct answer is C
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity.
Which of the following is a book of ordinary entry?
Ledger
Balance sheet
Bank statement
Sales journal
Correct answer is D
Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced.
The main books of prime entry are:
Asset account credit purchase account
Asset account credit capital account
Capital account credit asset account
Capital account credit profit and loss account
Correct answer is B
Debit asset account with 5000 and credit capital account with 5000.
Which of the following is not a source document?
Journal paper
Sales invoice
Debit note
Credit note
Correct answer is A
he types of sources documents are:
When closing stock is overstated, it would reduce,
Cost of sales and increase gross profit
Gross profit and increase cost of sales
Purchases and increases sales
Sales and increase purchases
Correct answer is B
When closing stock is overstated, the cost of goods available for sale will be high and the gross profit low. The higher the cost of sales, the lower the gross profit.