The closing balance of petty cash book is considered as_________??
A. Liability
B. Asset
C. Expenses
D. Income
Category: Accounting Mcqs
In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is??
i. Debit Bills Receivable Account ii. Debit Drawee’s Account iii. Credit Drawee’s Account iv. Credit Sales Account A. Only (i) above
B. Both (ii) and (iv) above
C. Both (i) and (iii) above
D. Both (i) and (iv) above
Under which of the following situations, is journal entry not passed in the books of the drawer??
A. When a discounted bill is honoured by the drawee on the due date
B. When a bill is sent to the bank for collection
C. When a bill is renewed at the request of the drawee
D. When a debtor accepts a bill drawn by the drawer
Depreciation appearing in the Trial Balance should be??
A. Debited to P
