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Which type of error would cause an entry in the suspense account?
A. A page total from the purchases journal was posted as $9780 rather than the correct figure of $9870.
B. Carriage outwards is credited to the carriage outwards account but correctly accounted for in the cash book.
C. Discounts allowed are debited to the discounts allowed account and credited to the purchases ledger control account.
D. Repairs to a vehicle are debited to the vehicles account.
A bond sinking fund investment is started on January 5, 2010, by transferring $10,000 in cash to the fund. This $10,000 is invested and earns $1,100 during 2010. The entry to rec
Q. Relevance information to financial reporting? To have relevance information should be pertinent to or affect a decision. The information should make a difference to someone
What are steps to explain supplier? Ans) Supplier should follow the check list. 1 He should make confidence in the client mind 2 Services to be completed (fulfilled in tim
How do you set up a t account correctly?
Business is an activity performed with the only intention of earning profit. The activity may differ according to the scope and volume.
Suppose you want to have $5,000 saved at the end of five years. The bank will pay you 2% interest on your money. How much would you have to deposit today to have the $5,000 you w
Q. What is trial balance? The firm credits two Accounts Payable and accounts Cash in this one entry. But the dollar totals of the debits and credits are equal. Cyclically accou
Finance: It is the part of economics that studies the management of money and other assets. In easier terms it can be explained as the commercial activity of providing funds and c
Q. Explain accrual basis of accounting? In certain circumstances companies may perhaps use the cash basis for income tax purposes. All through the text we use the accrual basis
Q. Explain about Classified income statement? An unclassified income statement has merely two categories revenues and expenses. In contrast a classified income statement divide
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