How well do you know about accounts? The accounts function in any business is charged with ensuring that there is enough capital to maintain the liabilities thus ensuring continuity of the business. If you are accounts student and need to refresh your memory, be sure to give the quiz a try and keep a look out for others like it!
Sales ledger control account
Sales day book
Individual customer account
Sales order book
Valuing inventory at the lower of cost or net realisable value
Classifying an item of low cost as revenue rather than capital expenditure, even though it has a life of more than one year
Writing off an irrecoverable debt after a customer has gone out of business
Writing off the cost of a non-current asset by using depreciation
True
False
Debited to the disposal account and credited to the non-current asset cost account
Debited to the non-current asset cost account and credited to the disposal account
Credit the allowance for doubtful debts account
Debit the irrecoverable debts account
Credit the allowance for doubtful debts adjustment account
Credit the sales ledger control account
None of the above
Cash purchase
Hire purchase
Borrowing
Part exchange
True
False
True
False
Comparability
Verifiability
Relevance
Understandability
Delivery charges to get the machinery to the business' factory
Insurance for the machinery
Maintenance costs after machinery has been used by the business
VAT on sales
VAT on purchase returns
VAT on Van's part exchange value
VAT on an irrecoverable debt
Bank interest appears in the bank statement but has not been accounted for by the business
The statement does not show a cheque that was paid into the bank yesterday
A cheque received from a receivable has been placed on the debit side of the SLCA and the credit side of the cash book
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Here's an interesting quiz for you.