Subscriptions owed by members of a club is a/an
Asset
Liability
Profit
Surplus
Correct answer is A
No explanation has been provided for this answer.
Net turnover is referred to as
Purchases
Assets
Sales
Profits
Correct answer is C
net turnover - is turnover before VAT and after trade discounts have been deducted. A company may use net turnover to measure the total volume of sales
Accumulated fund is also referred to as
Surplus
Profit
Deficit
Capital
Correct answer is D
No explanation has been provided for this answer.
D1,920
D1,000
D920
D80
Correct answer is C
No explanation has been provided for this answer.
The accounting treatment for a dishonored cheque is; debit
Customer's account; credit bank account
Bank account; credit customer's account
Customer's account; credit sales account
Sales account; credit customer account
Correct answer is B
Treatment: Before any notice of cheque being dishonored: When a supplier (payee) receives a cheque from a customer(drawer) the supplier's cash book is debited and the customer's account in the sales ledger is credited with the amount of the cheque.