In the absence of a sales day book or sales account the credit for sales can be computed from
Creditors control account
Debtors control account
Opening figures of the balance sheet
Closing figures of the balance sheet
Correct answer is B
The sales day book is used in recording credit sales. In the absence of this book, credit sales can be recorded in the debtors' book. Debtors are outsiders with who a business may have transacted business and are owing the business. While creditors are those the business is owing.
The principle use of control accounts is to
Localize error within the ledger
Prevent fraud
Increase sales
Record assets and liabilities
Correct answer is A
No explanation has been provided for this answer.
The process of allocating the cost of an intangible assets over its useful life is known as
Depreciation
Extraction
Depletion
Amortization
Correct answer is A
No explanation has been provided for this answer.
The records of wages due but not yet paid is an example of an adjustment for
Apportionment of revenue between two periods
Recognizing accrued expenses
Recognizing unaccounted revenue
Recognizing prepaid expenses
Correct answer is B
No explanation has been provided for this answer.
N19,500
N18,500
N17,900
N15,900
Correct answer is D
No explanation has been provided for this answer.