bus 806

Inside the business – Known as External Sources of Finance” 

• True

• False

Income Statemen is A book of final entry summarizing all of a company's financial transactions, through offsetting debit and credit accounts....

• True

• False

Meaning of sale

• the transfer of property, or a contract to transfer the ownership of property, from one person to another for a valuable consideration, or for a price in money.

• The activity of acquiring goods or services to accomplish the goals of an organization.

Variance is the different between actual and estimated income statement.

• True

• False

Estimated + actual = variance

• Estimated + actual = variance

• Estimated - actual = variance

• actual + Estimated = variance

• actual - Estimated = variance

A collection notice should be sent when the debt is approximately 5 days delinquent.

• True

• False

If the actual income statement = BD 50,000 , and estimated income statement = BD 23,000. The variance is

• -25,000

• 21,000

• -27,000

• 10,000