A. credited to profit and loss account B. debited to share premium account C. credited to share capital account D.…
A. consistency concept B. prudence concept C. accrual concept D. going concern concept Correct Answer: Option C C. accrual concept…
A. surplus B. shortfall C. loss D. deficit Correct Answer: Option D D. deficit Explanation A deficit occurs for a…
A. D33,000 B. D28,000 C. D23,000 D. D5,000 Correct Answer: Option C C. D23,000 Explanation The petty cash monthly imprest=…
A. assets disposal account; credit provision for depreciation account B. provision for depreciation account; credit asset disposal account C. fixed…
A. production cost B. prime cost C. total cost D. finance cost Correct Answer: Option B B. prime cost Explanation…
A. periodicity B. accrual C. entity D. materiality Correct Answer: Option C C. entity Explanation The business entity concept states…
A. Subscription paid in advance B. stock paid for in advance C. outstanding wages and salaries D. donations Correct Answer:…
A. discounts allowed B. office electricity C. stationery D. insurance Correct Answer: Option C C. stationery Explanation Administrative expenses are…
A. the amount of money taken out of the business by the owner B. the cash in the business bank…