From the list below, identify the items that could be found in the debit side of Realisation Account.
Accounting Quiz Year 2

Quiz
•
Social Studies
•
12th Grade
•
Medium
Nayli Khadijah
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Discounts received
Loss on dissolution
Discounts allowed
The carrying amount of assets
Cost of dissolution
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
State three kinds of inventory generally held by a manufacturing business.
raw materials
transit inventory
work in progress
finished goods
pipeline inventory
3.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Choose two advantages of using the net present value (NPV) method for investment appraisal.
It takes into account cash flow which is more objective than profitability
It takes into account the distorted value of cash
It takes into account the time value of money
The life of the project is difficult to predict.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Calculate the total fixed overhead variance for September.
$ 840 Adverse
$1,000 Adverse
$1,000 Favourable
$ 840 Favourable
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Choose the disadvantages of using the accounting rate of return method.
ARR is simple to calculate.
Results can be compared to present profitability.
It does not recognise the timing of cash flows
It takes into account the aggregate earnings of the project(s)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the name of the capital account of a club?
accumulated fund
retained earnings
current account
bank account
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Subscriptions in arrears is a current asset. True/False?
true
false
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