Purchases in accounting refers to goods bought for
Repairs
Owner's use
Resale
Decorating offices
permanent use
Correct answer is C
No explanation has been provided for this answer.
A current asset
A current liability
A long term liability
A fictitious asset
Correct answer is E
No explanation has been provided for this answer.
The equivalent of a club's Receipt and payment account is
Cash account
Revenue account
Trading account
Suspense account
Profit and loss account
Correct answer is A
No explanation has been provided for this answer.
The term bad debts means debts
Recorded in wrong account
Owed by an employee
Paid with fake currency
That cannot be collected
Owed by a supplier
Correct answer is D
No explanation has been provided for this answer.
A trial balance is a proof of accuracy of
Transactions
Final accounts
Double entry in the ledger
Trading account
Balance sheet
Correct answer is C
No explanation has been provided for this answer.