Accounting Concepts, Principles and Procedures
In support of business transaction, any written evidence is called:
Each business transaction must have a proper supporting. This documents are called as voucher.
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Adjustment and Depreciation
Loss on sale of plant and machinery should be written off against:
Loss on sale of plant and machinery should be written off against Profit and Loss Account (or Statement of Profit and Loss in case of companies).
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General Journal
Loss of goods by fire should be debited to:
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Double Entry Bookkeeping
One of the items below is not an advantage of the double entry accounting system.
Handling inflation is not an advantage of the double entry accounting system. The double entry system ensures accuracy and completeness of financial records, but it does not inherently adjust for inflation.
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Accounting and Finance
The owner of a business takes inventory for her own use. What are the ledger account entries to record this?
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General Ledger
The collection of all accounts in a business enterprise is known as the:
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Accounting and Finance
After posting closing entries, are all account balances set to zero?
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General Journal
Mr. Smith invests $10,000 cash in his business. The account to be credited is:
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Bank Reconciliation Statement
Bank statements are kept by:
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Accounting and Finance
A trader accepts $500 from a trade receivable in full settlement of a debt of $650. What effect will this have on the owner’s capital?
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