Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

Related Mcqs:

Keeping the log of financial information in books of original entries is called__________?

A. Recording B. summarizing C. Grouping D. Processing...

Capital of a business decreases if there is an increase in___________?

A. Drawings B. Income C. Gains D. Fresh capital...

A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.

(a). Sales of `950 to Ram completely omitted from books of account (b). Purchases of `720 from Shyam entered in the purchases journal as `700 (c). Purchases Journal is overcast by `1,000 (d). Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal’s account (f) Bank … A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.Read More...

Generally the term fund is used to mean the difference between?

A. Current assets and current liabilities B. Profit and loss A/C and Balance sheet C. Current assets and non-current liabilities D. Current liabilities and non-current liabilities...

Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?

A. The bad debt expense is not matched with the related sales B. Revenue is overstated in the year of sales C. It violates the matching principle of accounting D. All of the above...