Bank Account
Control Account
Profit and Loss Account
Statement of Affairs
Correct answer is B
No explanation has been provided for this answer.
A disadvantage of single entry system of book-keeping is that
The profit for the period is reduced
It is difficult to determine profit for the period
Total sales for the period is reduced
The owner of the firm withdraws money from the enterprise
Correct answer is B
No explanation has been provided for this answer.
Which of the following items will appear in the Total Creditors Account?
Discount allowed
Credit sales
Discount received
Cash purchases
Correct answer is A
No explanation has been provided for this answer.
The purpose of keeping Sales and Purchases Ledger Control Account is to
Match credit sales and credit purchases
Equate debtors balance to creditors balance
Verify total debtors and total creditors balances
Determine cash sales and cash purchases
Correct answer is C
No explanation has been provided for this answer.
In a manufacturing enterprise depreciation of plant is treated in the
Trading account
Profit and loss account
Manufacturing account
Appropriation account
Correct answer is C
No explanation has been provided for this answer.