What the rectification entry will be

Assignment Help Financial Accounting
Reference no: EM132608669

Question 1: When Loise makes out a cheque for N$5000 and sends it to Young, then Loise is known as

a) The payee

b) The banker

c) The drawer

d) The creditor

Question 2: What should happen if the balance on the Suspense account is of material amount?

a) Show it in the Statement of Financial Position

b) Carry forward the balance to the next period

c) Find the errors before publishing the financial statements

d) Write it off to the Statement of Comprehensive Income

Question 3: Goods sold to Annelie of N$430 was entered in both accounts as N$520. The rectification entry will be:

a) Debit: Annelie N$520

Credit: Sales N$520

b) Debit: Sales N$90

Credit: Annelie N$90

c) Debit: Sales N$560

Credit: Annelie N$560

d) Debit: Annelie N$90

Credit: Sales N$90

Reference no: EM132608669

Questions Cloud

Describe how technology impacts organizational culture : In a persuasive essay, link organizational technology, value, and strategy. You may use a real-life organization you have researched (or worked for) in order.
Describe the organizational structure and design : Describe the organizational structure and design. Analyze the corporate culture and methods used to influence employee satisfaction and retention.
What effect will the overcasting of opening stock : What effect will the overcasting of opening stock with N$ 500 have on the gross profit?What should happen if the balance on the Suspense
Identify improvements your firm should make : Take a look at your firm. Identify improvements your firm should make in order to be a more diverse organization. Next, assess the appetite of your firm.
What the rectification entry will be : When Loise makes out a cheque for N$5000 and sends it to Young, then Loise is known as ? What The rectification entry will be
Color to visually represent information : Identify at least two advantages and two disadvantages of using color to visually represent information.
What should happen if the balance on the suspense account : Which of the journal entries indicate that the company is using a periodic inventory? What should happen if the balance on the Suspense account
Make statement of comprehensive income for the year : Make Statement of comprehensive Income for the year ended 30 April 2001. Make Partners' current accounts for the year ended 30 April 2001.
Analysing an accounting information system : Analysing an Accounting Information System and Articulate the various transaction cycles, financial reporting, and management reporting systems to technical

Reviews

Write a Review

Financial Accounting Questions & Answers

  Define the concept of an integrated physician model

Demonstrate an understanding of the dynamics of and controversies surrounding accountable care organizations and alternative approaches

  What is the average daily collection float

What is the average daily collection float? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.)

  Do account for as an expense in the statement of profit

Do account for as an expense in the Statement of profit or loss and other comprehensive income or as a Current liability in the statement of financial

  Accrual accounting and cash flow analysis

Find a journal or news article that explains why both accrual accounting and cash flow analysis are required to understand a company? Briefly describe the article. What would you have added to improve the analysis?

  Determine which of the statements is true

Determine Which of the statements is TRUE, U.S. generally accepted accounting principles (GAAP) are determined by the ? explain

  Prepare journal entries to record these merchandise

A company that uses the perpetual inventory system purchased $8,500 worth of inventory on September 25. Terms of the purchase were 2/10, n/30. The invoice was paid in full on October 4. Prepare the journal entries to record these merchandise trans..

  What is the companys total fixed cost amount in dollars

Perez Company's break-even point is 21,000 units. Its product sells for $31 and has a $12 variable cost per unit. What is the company's total fixed cost amount in dollars?

  Prepare the current liability section of red bank

Prepare the Current Liability section of Red Banks balance sheet as of December 31. Assume that the Accounts Payable account totals $203,600 on this date.

  Determine how much money you earned or lost

Determine how much money you earned or lost with each stock on a daily basis - Develop the appropriate charts that highlight your performance. You will create a minimum of two (2) charts.

  Determine the present value of the note

Determine the present value of the note. On December 31, 2010, Green Company finished consultation services and accepted in exchange

  How to account for dissolution or liquidation of partnership

Research examples of different methods that partnerships can use to allocate net income to the partners, and research the topics of partnership dissolution or partnership liquidation When you've completed your research, provide at least one example o..

  How an ineffectual accounting policy can destroy

How an ineffectual accounting policy can destroy your business growth within a fraction of seconds. Prepare the text for your public speaking competition

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd