Depreciation
How many accounting entries are done at the time of disposal of asset
4
A credit balance in cash book indicates
OVERDRAFT
Sales Ledger Control Account is the sum of all
Debtors / Trade Receivables
Irrecoverable Debts is recorded as ........ in Income Statement
LOSS
Accrued expense is recorded in Balance sheet as
Other Payables under Current Liability
Reducing balance method is suitable for what type of asset
MOTOR VEHICLE COMPUTER
Bank charges are first recorded in
Bank statement
SLC can have what balance
BOTH DEBIT AND CREDIT
Provision for doubtful debts is a
LIABILITY
Accrued expense is ......... and prepaid expenses is......... from expenses paid
ADDED DEDUCTED
LAND is depreciated by which method
LAND APPRECIATES
Cheque bouncing can be due to
wrong signature / insufficient balance
Debit balance of PLC is due to
EXTRA PAYMENT / RETURN OF GOODS AFTER PAYMENT
Which accounting principles are applied
Matching and Prudence
Prepaid expense is shown on the ............ side of Expense account
DEBIT
The formula for Revaluation method is ..........
Opening + Purchase - Closing
In the books of bank, a savings account holder is a
CREDITOR
CONTRA IN Control accounts means
same person is a debtor as well as a creditor
When old provision is more than new debit ...... and credit .......
Provision for doubtful debts Income Statement
An opening credit balance in Income account means
PREPAID INCOME
Which method of depreciation can have residual value
Reducing Balance Method
In BRS, cheques issued not presented is ........... and cheques deposited not credited is ............
DEDUCTED ADDED
In contra entry .............is debited and ..........is credited
PLC Dr SLC Cr
Tracking the past payment records of Debtors is a method of
CREDIT CONTROL
Actual amount paid for expense and actual amount of expense for the year will be equal when there is
NO PREPAID OR ACCRUED