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When the purchase consideration is lower ttan the net asset, the buyer has gained the advantage of
Which of the following is accounted for in receipts and payments account?
When stock is withdrawn for personal use, the accounting entries is to debit
Purchases can be ascertained through the preparation of a
Clifford pays rent of #200 per month for premises, He paid #2,800 within the year. Compute the prepayment.
I. Members subscription
II. Fines from members
III. Donation
IV. Loan from bank
From the information above, sources of income for a Not-for-profit-making organization include
The trader's capital in a single entry system is ascertained by preparing
Which of the foloowing is a credit item in creditors ledger control account?
Opening balance of Diks company was #12,202, closing balance #15,300, total cash received during the period #40,000. What was the amount of cash paid during the same period?
Impersonal account is subdivided into
The costs of acquiring fixed assets and bringing them into the firm is a
A discount that is allowed to encourage a debtor to pay off his debt within a period is the
When the fixed capital method is used, the partners' share of profits and remunerations are credited to the
1. The amount of the imprest is the same from one organization to another.
2. At the end of a fixed period, the petty cashier received a fixed sum of money.
3. At the end of a period, the petty cashier is reimbursed with the amount spent in that period.
4. The system is a method by which a measure of control is kept on petty cash expenses.
Which of the following is correct about the imprest system?
The major sources of revenue for the state and local governments is
The income and expenditure account differs from receipts and payments account because it
When goods are sent to the branch at cost plus mark-up, it means that the branch should sell at