''Below the line'' item in public sector accounting means such an item is.........
Not budgeted for in the current fiscal year
Less than what is budgeted for
Budgeted for in the current fiscal year
To be carried forward to the next fiscal year
Correct answer is A
In public sector accounting, an item categorized as ''below the line'' is an income or expense in accounting which have no noticeable effect on company profits in the current period.
It means the item does not affect the profit or loss from normal operations for that accounting period.
The authority to incur expenditure in the public sector is.........
Warrant
Vote
Budget
Voucher
Correct answer is A
No explanation has been provided for this answer.
22,480
21,136
14,354
14,027
Correct answer is C
Motor vehicle at cost + furniture and fittings at cost - depreciation
21,136 + 1334 - (7,109 + 1,007)
22,470 - 8,116 = 14,354
Use the following information to amswer the question that follows
112,471
111,834
101,142
14,027
Correct answer is C
Ordinary share + Retained earnings
70,000 + 31,142 = 101,142
Under the cost method in branch accounting, branch gross profit is disclosed in the..........
Goods sent to branch account
Branch debtors account
Branch stock account
Branch stock adjustment account
Correct answer is C
No explanation has been provided for this answer.