The financial position of an organization at a particular time can be ascertained from the
Statement of sources and application of funds
Statement of retained earnings
Balance sheet
Profit and loss account
Correct answer is C
A balance sheet is a financial statement that reports a company's assets, liabilities and shareholders' equity. It simply shows the financial position of a business for a particular given period.
Bank charges
Uncleared cheques
Returned cheques
Unpresented cheques
Correct answer is D
No explanation has been provided for this answer.
When is a petty cash account debited?
When the fund is established and every time money is spent
When the fund is established and every time it is replenished
When the fund is established and when the size of the float is decreased
Every time money is drawn from the petty cash
Correct answer is B
No explanation has been provided for this answer.
Are not important in cashbooks
Are cash items only
Do not form part of double entry
Are used for bank reconciliation
Correct answer is C
No explanation has been provided for this answer.
The suspense account is used to correct book-keeping error where the
Amount involved is quite significant
Item involved is not material
Item involved is unknown
Error does not affect the agreement of the trial balance
Correct answer is C
Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified.