Accounting: set 1
10 questions. Click an option: a correct answer turns green, a wrong one red, and an explanation appears.
An employee was given an advance from the till for general business expenses. What journal entry is made?
What does the principle of double-entry bookkeeping mean?
What does a debit in an asset account mean?
Salaries were accrued to administrative staff. What journal entry is made?
Cash was withdrawn from the bank into the till. What journal entry is made?
The limitation period on a debt to a supplier has expired, and the debt has been written off. What journal entry is made?
A stocktake revealed a cash shortage in the cash desk, which will be recovered from the materially responsible employee. What journal entry is made?
At year-end, account 9910 "Final financial result" shows a profit. What is the journal entry to transfer the profit to retained earnings?
Goods cost 8 000 000 soum, and their net realisable value at the balance sheet date is 7 200 000 soum. At what amount are the goods shown in the balance sheet?
Equipment has an initial cost of 60 000 000 soum, a residual value of 6 000 000 soum and a useful life of 6 years. What is the monthly depreciation under the straight-line method?