Which of the following is the practical implementation of the accounting equation?

Related Mcqs:

Which of the following specialised journals will record “goods returned by the BUSINESS “?

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

Double entry implies that

A. Recording entries in journal B. Recording entries in Ledger account C. Recording two aspects of every transaction D. Recording every transaction in books...

The process of recording transactions in different journals is called_________?

A. Posting B. Entry making C. Adjusting D. Journalizing...

For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows:

March 31,2010 – ` 56,000 March 31, 2011 – ` 51,000 March 31, 2012 – ` 64,000 The entry on March 31, 2012 to rectify these omissions would include a A. Credit to wage expense for ` 64,000 B. Debit to wage expense for ` 64,000 C. Debit to wage expense for ` 51,000 D. … For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The...

Which of the following are current assets of a business?

i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses v. Accrued income A. Both (i) and (iv) above B. Both (ii) and (iii) above C. (i),(ii) and (iii) above D. (ii),(iii),(iv) and (v) above...