The periodic total of sales day book is posted to___________?

Related Mcqs:

Sales on credit is recorded in which of the following journal?

A. Purchase journal B. Sales journal C. Purchases return journal D. Sales return journal...

What is equity?

A. Cash from the business B. liability of a business C. Owner’s claim on total assets D. Owner’s claim on total liabilities...

While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result

A. Previous year‘s profit is overstated and current year‘s profit is also overstated. B. Previous year‘s profit is understated and current year‘s profit is overstated. C. Previous year‘s profit is overstated and current year‘s profit is understated. D. There will be no impact on the profit of either the previous year or the current year....

Which of these errors affect two or more accounts

A. Errors of complete omission B. Errors of principle C. Errors of posting to wrong account D. All the three...

Depreciation is a process of____________?

A. Valuation B. Valuation and allocation C. Allocation D. Appropriation...