PROFESSIONAL ETHICS
What is immoral or illegal in some places are acceptable in others
CULTURE
The single-columnar cash book has two sides of .............. components
FOUR
Every business transaction has
TWO ACCOUNTS
The opening balance for rent is on the CREDIT SIDE
PREPAID
The heading should be
Trial Balance as at ...........
Behaviours are judged based on laid down rules
CODE OF ETHICS
Shawn a business owner withdraws cash from the bank for personal use
DRAWINGS
Record $200 worth of goods taken from business by owner.
DR - DRAWINGS
CR - STOCK (INVENTORY)
When the cash book carries a DEBIT balance
FAVOURABLE
When the balances does not agree, the difference is recorded in
SUSPENSE ACCOUNT
IESBA principles where an accountant has a continuing duty to maintain professional knowledge and skill as required
PROFESSIONAL COMPETENCE AND DUE CARE
Where every little expenditures are recorded in the office
PETTY CASH BOOK
Goods previously bought by us was returned to the seller
RETURNS OUTWARDS
Hiding the shortfall in the trial balance for a while
SUSPENSE ACCOUNT
The trial balance ensures the .................. of both the debit and the credit sides
EQUALITY
An Accountant should be straightforward and honest in all professional and business behaviour
INTEGRITY
Barnes bought goods for $500 on credit and was allowed a trade discount of 2% and a cash discount of 5%. He paid his debt. How much cash discount will he get?
$24.50
Machinery, Motor Vehicles, Furnitures and Fittings, Rent and Rates, Stationeries are all classified as
DEBIT ITEMS
The total of all current assets deducting the total of all current liabilities
WORKING CAPITAL
Preparing a trial balance is an important step in the accounting cycle, typically done before preparing the ..
TRADING AND PROFIT AND LOSS ACCOUNT (Financial Statement)
Divulging business information to close relatives is a breach on
CONFIDENTIALITY
Vivian took $!00 from till and deposited in the bank
CONTRA
The total of the Sales Day Book will be transferred to
CR SIDE - SALES ACCOUNT IN THE GENERAL LEDGER
Total cash purchases $5, 000 discount received $45 and returns was $120. How much was purchases?
$4, 835
While a balanced trial balance indicates accuracy, it does not guarantee the absence o
ERRORS