Set-off is carried out in the control account when
A business organization is both a customer and a supplier
Customers refuse to pay their debts
The debtors settle their accounts
Customers cheques are dishonoured
Correct answer is B
No explanation has been provided for this answer.
Capital and drawings accounts are kept in the
General ledger
Purchases ledger
Sales ledger
Private ledger
Correct answer is D
No explanation has been provided for this answer.
$25,000
$415,000
$12,000
$7,000
Correct answer is C
No explanation has been provided for this answer.
$57,000
$45,000
$42,000
$39,000
Correct answer is C
No explanation has been provided for this answer.
A feature of government accounting is that the
Fixed assets are depreciated
Objective is to report profit made by the government
Accounts are prepared on accrual basis
Accounts are prepared on cash basis
Correct answer is B
No explanation has been provided for this answer.