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.
Suspense account is used in the correction of
All errors in the trial balance
Errors that affect the agreement of a trial balance
Errors that do not affect the agreement of a trial balance
Errors that affect the accuracy of the net profit
Correct answer is B
No explanation has been provided for this answer.
GH¢
Monthly rent payable 3,000
Rent paid on 01/01/2018 48,000
The balance of rent in the balance sheet would be
Current asset of GH¢36,000
Current asset of GH¢12,000
Current liability of GH¢12,000
Current liability of GH¢48,000
Correct answer is B
No explanation has been provided for this answer.
Use the following information to answer this question
GH¢
Monthly rent payable 3,000
Rent paid on 01/01/2018 48,000
Rent expense for 2018 was
GH¢84,000
GH¢48,000
GH¢36,000
GH¢12,000
Correct answer is C
No explanation has been provided for this answer.
Accounting concepts are rules of accounting which are to be
Taught in all accounting classes
Implemented by all professional bodies
Followed in the preparation of financial statements
Applied in correction of business errors
Correct answer is C
No explanation has been provided for this answer.