Entries in the purchase journal are transferred to the .............
Receivable ledger
Payable ledger
General ledger
Private ledger
Correct answer is B
The purchase journal records all credit purchases. All the entries are then moved to the accounts payable.
Accounts payable are amounts due to vendors or suppliers for goods or services received that have not yet been paid for.
The apportionment of the cost of a fixed asset to the profit and loss account is termed?
Expense
Depreciation
Loss
Appreciation
Correct answer is B
No explanation has been provided for this answer.
The claim of a proprietor of a business entity on its assets is................
Liabilities
Capital
Drawings
Funds
Correct answer is C
Drawings is the money withdrawn from a business by its owners for personal use. A drawing account is used primarily for businesses that are taxed as sole proprietorships or partnerships.
A document forwarded to a supplier showing unsatisfactory goods is................................
Debit note
Credit note
Invoice
Waybill
Correct answer is A
No explanation has been provided for this answer.
Credit notes received are source documents for........
Returns inwards journal
Returns outwards journal
Purchase journal
Sales journal
Correct answer is A
Credit notes are given to a buyer/customer by the seller for goods returned. Since the goods are returned to the seller, it is recorded in the returns inwards journal.