Accounting and Finance
Which ledger entries record the purchase of a machine bought on credit?
Author: rikazzz Comment
Accounting and Finance
A social club’s receipts and payments account for 1996 showed rent paid as $4,000. On 1 January 1996, rent owed by the club was $800. On 31 December 1996, rent owed by the club was $1,000. What is the amount charged for rent in the income and expenditure account for 1996?
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Accounting Equations
A sole trader sells goods for cash for $500 which had cost of $300. Which elements of the accounting equation will change due to this transaction?
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General Ledger
Ledger is a book in which accounts are opened:
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Accounting and Finance
On which basis should inventory be valued?
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Bank Reconciliation Statement
Any decrease in the bank balance is recorded on the ______ side of the cash book and in the _______ column of the pass book.
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Accounting and Finance
A machine costing $60 000 is depreciated by 25% per annum on the diminishing balance method. What is the depreciation charge at the end of the second year?
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Capital and Revenue Expenditures
Carriage paid on goods purchased is a:
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Accounting and Finance
A business receives rent for letting premises. How is this rent classified?
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Accounting and Finance
How is a prepayment by X shown in X’s Balance Sheet?
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