Book Title:
Author(s):
By: nathimthimunye6 • 1 year ago
By: mahmoudalhammam • 2 year ago
It is a good summary
By: 06rodrigoh • 2 year ago
By: janmhansen • 4 year ago
By: annajobse • 4 year ago
Thanks!
Some examples from this set of practice questions
1.
I. An expense paid with cash would result in an equal decrease in liabilities and equity. II. Bookkeeping deals with the record-keeping process and is only one aspect of accounting.
Answer: I is INCORRECT and II is CORRECT.
2.
An IT consultant provided € 1,300 of services to a client. The client immediately paid €500 via a transfer to the consultant’s bank account, and will pay the balance within one month. Which journal entry can the consultant use to record this transaction?
Answer: Dr. Cash 500 Dr. Fees Receivable 800 Cr. Fees Revenues 1,300
3.
Dutch Oven Ltd. purchased machinery with a list price of £160,000. They were given a 10% discount by the manufacturer. They paid £1,000 for shipping and sales tax of £7,500. Dutch Oven Ltd. estimates that the machinery will have a useful life of 10 years and a residual value of £50,000. If Dutch Oven Ltd. uses straight-line depreciation, annual depreciation will be:
Answer: £10,250.
4.
On October 1, 2016, Whittington Company issued an €100,000, 10%, nine- month interest-bearing note. If Whittington Company is preparing financial statements at December 31, 2016, the adjusting entry for accrued interest will include a
Answer: debit to Interest Expense of €2,500
5.
Which of the following accounts would be increased with a debit entry?
Answer: Dividends
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller annajobse. Stuvia facilitates payment to the seller.
No, you only buy this summary for R168,40. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
100169 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy summaries for 14 years now
