A. Debited to returns outward account B. Credited to returns outwards account C. Debited to returns inwards account D. Credited…
A. Asset Account, Crediting Cash Account B. Cash Account, Crediting Asset Account C. Purchase of Business Account, Crediting Sale of…
A. Purchases Account B. Cash Book C. Sales Journal D. Purchases Journal Correct Answer: Option A A. Purchases Account Explanation…
A. Closing Capital - Drawings - Capital Introduced B. Opening Capital + Drawings - Closing Capital C. Closing Capital +…
A. Affordability B. Timeliness C. Accuracy D. Completeness Correct Answer: Option A A. Affordability Explanation Relevance: information makes a difference…
A. It is a special account B. It is a list of balances in the books C. It reveals the…
A. Error of original entry B. Error of commission C. Error of transposition D. Error of omission Correct Answer: Option…
A. Trading account B. Profit and loss account C. Balance sheet D. Statement of cash flow Correct Answer: Option C…
A. Profit and loss account; credit asset disposal account B. Asset disposal account; credit profit and loss account C. Asset…
A. Suppliers account B. Sales account C. Customers account D. Cash account Correct Answer: Option A A. Suppliers account Explanation…