Accounting Miscellaneous
Discounting of bill by the drawer is done with
Creditor
Drawee
Bank
Notary public
Bank
Discounting of bill by the drawer is done with Bank. An accepted draft or bill of exchange sold for early payment to a bank or credit institution at less than face value after the bank deducts fees and applicable interest charges.
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The following is (are) the type(s) of JournalA. Purchase Journal
B. Sales Journal
C. Cash Journal
D. All of the above
Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. Purchases
Information about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information
A. Concrete
B. Complete
C. Immaterial
D. Material
Favourable balance of cash book implies
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
How trial balance shows the accumulated depreciation?
A. as a debit item
B. as a credit item
C. It doesn’t show
D. None of these
Which of the following is a commonly used base to create the provision for doubtful debts?
A. Total purchases
B. Total credit sales
C. Total current assets
D. Total current liabilities
The real accounts are accounts of Assets, Liabilities and
A. Expenses
B. Revenues
C. Capital
D. Drawing
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