WHICH OF THESE ACCOUNTS IS DISSOLUTION EXPENSES CREDITED
A. partners capital account B. revaluation account C. partners current account D. realization account ✓ The answer to the question is: D. realization account When a partnership is dissolved, the partners need to account for various expenses and assets as part of the dissolution…
IN A PETTY CASH BOOK, THE CLOSING BALANCE WAS N235, IMPREST N1,250, WHILE THE STATIONERY EXPENSES WERE N655. HOW MUCH WAS PAID FOR OTHER GENERAL EXPENSES
A. N360 ✓ B. N355 C. N350 D. N305 The answer to the question is: A. N360 In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. To calculate how much was paid for…
WHEN EXPENSES ARE PAID ON BEHALF OF THE VENTURE, THE ACCOUNTING ENTRIES IS TO DEBIT
A. expenses account and credit bank account B. bank account and credit joint venture account C. joint venture account and credit bank account ✓ D. joint venture account and credit expenses account The answer to the question is: C. joint venture account and credit…
ASSIGNING REVENUES TO THE ACCOUNTING PERIOD IN WHICH GOODS WERE SOLD OR SERVICES RENDERED AND EXPENSES INCURRED IS KNOWN AS
A. passing of entries B. consistency convention C. matching concept ✓ D. adjusting for revenue The answer to the question is: C. matching concept The matching concept, also known as the matching principle, is a fundamental accounting principle that requires expenses to be recognized…
Study Guide
