cameroon gce intermediate level international financial accounting / computer aided accounting 1
cameroon gce intermediate level international financial accounting / computer aided accounting 1
The trial balance if it fails to agree the difference
should be:
| A | Transferred to the balance sheet |
| B | Written off against the profit and loss account |
| C | Entered in the suspense account |
| D | Entered in the capital account |
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2. What effect does a loss have on the net worth of a
business?
| A | It has no effect on net worth |
| B | It decreases net worth |
| C | It increases net worth |
| D | It is a form of drawings |
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3. Which of the following best describes depreciation?
| A | The residual value of a non-current asset |
| B | The part of the cost of fixed assets used up during its period of use by the firm |
| C | The replacement value of non-current assets |
| D | The amount set aside to replace non-current assets |
Laura
February 18, 2023
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