Payment for future services are
Prepayment
Deposit
Accruals
Investment
Advances
Correct answer is E
No explanation has been provided for this answer.
Which of the following is a credit item on an income and expenditure account?
Bar expenses
Electricity
Salaries
Subscription
Rates
Correct answer is D
No explanation has been provided for this answer.
Which of the following is not contained in the sales ledger control account?
Receipts from debtors
Returns inwards
Returns outwards
Dishonoured cheque
Discount allowed
Correct answer is C
No explanation has been provided for this answer.
Return inwards was understated. The effect is that
Amount of goods available was understated
Cost of sales was understated
Amount of purchase returns was understated
Amount of sales was understated
Amount of sales returns was understated
Correct answer is C
No explanation has been provided for this answer.
The account that shows both the cash and bank transactions of an enterprise is
appropriation account
trading account
profit and loss account
cash book
Correct answer is D
No explanation has been provided for this answer.