WorksheetsAccounting 102
Total questions: 10
Worksheet time: 4mins
Dual function of a Cash Book?
Has the discount allowed and discount received columns.
Is both a special journal and a general journal.
Is both a journal and a ledger for the CAB A/C and CIH A/C.
Records both receipts and payments by cash and cheques.
cash at bank account and commission income account were both overstated by $100.
error of commission
error of original entry
compensating error
error of complete reversal
commission income earned was posted to the trade payables account.
error of principle
error of commission
error of original entry
error of complete reversal
impairment loss is an expense and is reported in the balance sheet.
true
false
net trade receivables = trade receivables - impairment loss on trade receivables
true
false
an increased in allowance for impairment of trade receivables is shown as a/an?
impairment loss on trade receivables
reversal of impairment loss on trade receivables
what happens to profit when you decrease your allowance for impairment of trade receivables after a year-end review?
profit increases
profit decreases
which accounting concept requires a business to use accounting methods that are consistent from one accounting period to another?
historical cost concept
accounting entity concept
consistency concept
what is the double entry to write down inventory?
dr trade receivables cr inventory
dr inventory cr impairment loss on inventory
dr impairment loss on inventory cr inventory
which of the following journal entries are NEVER partners?
dr trade receivables cr inventory
dr inventory cr cost of sales
dr trade receivables cr sales revenue
dr cash at bank cr sales revenue
