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What effect will the overcasting of opening stock

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Reference no: EM132608671

Question 1: What should happen if the balance on the Suspense account is of material amount?

a) Show it in the Statement of Financial Position

b) Carry forward the balance to the next period

c) Find the errors before publishing the financial statements

d) Write it off to the Statement of Comprehensive Income

Question 2: The following item may appear in the cashbook but not on the banks statement.

a) Stop Order

b) Bank charges

c) Outstanding deposit

d) Debit order

Question 3: Errors are corrected via the General Journal because:

a) It saves the accountant's time

b) It saves entering them in the ledger

c) It is much easier to do

d) It provides a good record explaining the double entry records

Question 4: The principle requires that the assets cost be allocated to depreciation expense over the life of the asset.

a) Consistency

b) Accrual

c) Matching

d) Accounting period

Question 5: What effect will the overcasting of opening stock with N$ 500 have on the gross profit?

a) Increase with N$ 500

b) Decrease with N$ 500

c) Increase with N$ 1000

d) Decrease with N$ 1000

 

Reference no: EM132608671

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