Accumulated fund is also referred to as
Surplus
Profit
Deficit
Capital
Correct answer is D
No explanation has been provided for this answer.
D1,920
D1,000
D920
D80
Correct answer is C
No explanation has been provided for this answer.
The accounting treatment for a dishonored cheque is; debit
Customer's account; credit bank account
Bank account; credit customer's account
Customer's account; credit sales account
Sales account; credit customer account
Correct answer is B
Treatment: Before any notice of cheque being dishonored: When a supplier (payee) receives a cheque from a customer(drawer) the supplier's cash book is debited and the customer's account in the sales ledger is credited with the amount of the cheque.
The method of ascertaining capital from income record is by preparing the
Cash book
Statement of affairs
Suspense account
Control account
Correct answer is B
No explanation has been provided for this answer.
Which of the following subsidiary books involves cash movements?
Sales day book
Purchases day book
Returns inwards book
Petty cash book
Correct answer is D
A petty cash is a cash book used to enter all small or petty expenses obtained. For example tea, Xerox copy etc. The petty cash book is to enter how the cash available for daily expenses are spent for example milk, tea, taxi charges and postage.