I, II and III only
I and II only
III and IV only
I, III and IV only
Correct answer is D
Purchases control account it is also called total creditor control account
I,II & IV : some of the items that appear on the credit side of purchases ledger are cash refund to supplier, dishonored cheque by banks and credit purchases
In manufacturing account, depreciation of office machine is charged to
Trading account
Appropriation account
Balance sheet
Profit and loss account
Correct answer is D
Profit and loss account: the depreciation of the office machine is considered as part of administrative expense which must be charged against the profit of the company
Trading account
Appropriation account
Balance sheet
Profit and loss account
Correct answer is B
Appropriation account is the account into which the net profit found in the profit and loss account of the partner will be carried down to and will be shared according to their sharing ratio
Capital for a profit making organization is generated through
Subscription
Shares
Donation
Gift
Correct answer is B
Share: profit making organizations use different shares such as ordinary and preference shares to source for money from the public
Which of these accounts is dissolution expenses credited?
Partners capital account
Revaluation account
Partners current account
Realization account
Correct answer is D
Realization account: the cash realized from sales of asset is credited to it.