Accounting and Finance

equally

equally after interest on partners’ capitals

equally after interest on partners’ loans

equally after interest on partners’ capital and partners’ salaries

$17 920

$21 000

$22 400

$28 000

to provide funds for asset replacement

to reduce the cost of repairing assets

to show the assets at their realisable values in the balance sheet

to spread the cost of an asset over its useful life

Cash book

General journal

Ledger

Sales journal

accounting entity

going concern

materiality

money measurement

$7,500 debit

$7,500 credit

$10,000 debit

$10,000 credit

True

False

$12 credit

$18 credit

$12 debit

$18 debit

$11 250 too high

$9 450 too low

$1800 too high

$1 800 too low

credit sales account $70; debit sales ledger control account $70

credit sales account $70, debit suspense account $70

debit sales account $70, credit sales ledger control account $70

debit sales account $70, credit suspense account $70