ACC812
Question: Before a transaction is recorded in the ledger, it must first be entered in a book of
Answer: prime entry
Question: expenditure typically includes the cost of purchasing a non- current asset
Answer: Capital
Question: discount is expressed as a percentage reduction of the recommended retail price of the goods, and is deducted in arriving at the amount the buyer is charged for the goods.
Answer: Trade
Question: is the main book of account in which all transactions are recorded
Answer: Ledger
Question: The term refers to the amount at which assets are shown in the statement of financial position
Answer: valuation
Question: In historical cost accounting, non- current assets are valued at their historical cost less the aggregate/accumulated depreciation from the date of acquisition to the date of the statement of financial position. The resulting figure is known as the
Answer: Net book value
Question: are amounts provided to allow for liabilities that are anticipated but not yet quantified precisely, or for reductions in asset values
Answer: Provisions
Question: discount is a reduction in the amount that the customer has to pay, provided payment is made within a given period stipulated by the seller at the time of sale.
Answer: Cash
Question: A/An is a source document sent by the seller, and is primarily to inform the buyer how much is owed for the goods supplied.
Answer: Invoice
Question: Assets – Liabilities
Answer: Owners capital
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