When expenses are paid on behalf of the venture, the accounting entries is to debit
Bank account and credit joint venture account
Expenses account and credit bank account
Joint venture account and credit expenses account
Joint venture account and credit bank account
Correct answer is D
Joint venture account is an account that all expenditure incurred for the venture is debited and all income is credited to.
Debit joint venture and credit bank account because expenses incurred on behalf of the venture has to be debited to the joint venture account and since the money is joint out the bank must be credited to balance the account.
A part of public company's profits belonging to the shareholders is
Public issue
Bonus
Right issue
Dividends
Correct answer is D
Dividend is known as the kind of benefit enjoyed by the shareholder for investing their fund in a particular organisation.
An evidence of payment issued to a government ministry by a revenue collector is
Treasury receipt
Receipt voucher
Payment voucher
Treasury card
Correct answer is B
Receipt voucher is raised as evidence by revenue collector when government funds and property or received
Receipt voucher: these are vouchers raised as evidence for the receipt of government funds and property. The revenue collected is prepared for the government ministry as a means that revenue has been collected
Which of these is a content of a master file?
All records relevant to the organisation
Records of assets of the organisation
A collection of data items
All records relating to employees
Correct answer is A
All record relevant to the organization: the records which are only relevant to the organization such as the name and address as well as summary information such as amount due and year to date sales will be in master file
Subscription in advance is treated in the balance sheet as a
Current asset
Current liability
Fixed asset
Long term liability
Correct answer is B
Current assets are assets of the company that can be easily converted to cash when needed
current liability: this is the liability owned to outsiders but still enjoying its benefit within a year e.g creditors, wages in arrears
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