ACC407
When an owner of a business withdraws some goods for personal use, what are the accounting entries?
Answer: debit drawings account, credit purchases account,
The approach for discovering missing figures in incomplete records in the use of
Answer: cotrol accounts
When both debit and credit entries of a transaction are shown in the cash book, it is described as
Answer: contra entry
The accounting equation is
Answer: assets = capital + liabilities
When a person sold goods to returns such goods because they are defective, they will be issued
Answer: a credit note
The art of collecting, recording, presenting, and interpreting accounting datais
Answer: accounting
Which basis of accounting removes the issues of creditors and debtors?
Answer: cash basis
Which of the following is is found in the private ledger?
Answer: drawings account
A cooperative is a society of people with its main objects as promotion of â€|â€|â€|.. of its members by means of common undertaking.
Answer: economic and social interests
The systematic recording of business transactions in monetary term is called
Answer: book-keeping
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