Debts which in the opinion of management of an organization may not be fully recovered are called
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The amount set aside out of profit earned by a company and constitute part of shareholders fund is called
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Which of the following is not a type of reserve?
A. Shareholder reserve
B. Revenue reserve
C. Capital reserve
D. General reserve
Answer: A
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Which of the following statements is incorrect?
A. Debtors control account is not used for cash customers
B. Any transaction that will increase the customers indebtedness is debited to debtor control account
C. Any transaction that will reduce the customers indebtedness is credited to debtor control account
D. Debtors control account is the same as statement of financial position
Answer: D
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A statement sent periodically usually once a month by a seller to his customers, showing the position of their accounts up to a certain date
A. Debtor?? statement of account
B. Debtor control account
C. Debtor financial statement
D. Debtor current account
Answer: A
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A statement sent periodically, usually once a month by a buyer to his suppliers, showing the position of their accounts up to a certain date.
A. Creditor?? control account
B. Creditor?? statement of account
C. Creditor??s credit statement
D. Creditor current account
Answer: B
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Reconciling the bank column of the cash book and the bank statement balances is treated under
A. Bank cash book statement
B. Bank company account
C. Bank reconciliation statement
D. Bank adjusted cash book
Answer: C
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The process of making the balance on the bank column of a cash book to agree with the balance on the bank statement is
A. Bank adjusted cash book
B. Bank company account
C. Bank cash book statement
D. Bank reconciliation statement
Answer: D
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The differences between the balances of bank column of the cash book and bank statement could be as a result of the following except
A. Errors
B. Timing differences
C. Entries not brought to the notice of the company by the bank e.g. bank charges, interest, transfer etc
D. Proficiency of the accountant
Answer: D
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Cheques which have been issued for payment by a bank account holder but have not been presented for payment at the bank as at the date the bank prepared the bank statement are called
A. Uncredited cheque
B. Unpresented cheque
C. Direct cheque
D. Indirect cheque
Answer: B
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