Payment of expenses will ______ the assets

Related Mcqs:

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

A. Yes B. No C. Transactions can’t be omitted D. none of these...

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

A. Possessed B. Owned C. Controlled D. Used...

If Cash=$1000 inventories=$4000 Debtors=$5000 fixed assets=? Capital+Liabilities=$15000 What is the Amount of total assets?

A. $5000 B. $10,000 C. $15,000 D. $20,000...

Journal proper is meant for recording_____________?

A. Credit purchase of fixed assets B. Return of goods C. All such transactions for which no special journal has been kept by the business D. None of these...

The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

A. Sales B. Purchases C. Inward returns D. Closing stock...