Description : Excess of debit total of an account over it’s credit total indicates _____________ balance.
Last Answer : Excess of debit total of an account over it’s credit total indicates _____________ balance. (a) Negative (b) Positive (c) Debit (d) Credit
Description : Is the AR on balance sheet credit or debit account?
Last Answer : Feel Free to Answer
Description : If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a a. debit to the retained earnings account. b. debit ... . c. credit to the retained earnings account. d. credit to the owner's dividends account.
Last Answer : c. credit to the retained earnings account.
Description : Premium received on issue of shares is shown on-----------. A. asset side of the balance sheet B. liability side of the balance sheet C. credit side of the P&L a/c. D. debit side of the P & L a/c
Last Answer : B. liability side of the balance sheet
Description : If the trial balance shows a short credit the suspense account will have a _______ balance.
Last Answer : If the trial balance shows a short credit the suspense account will have a _______ balance. (a) debit (b) zero (c) credit (d) nil
Description : (i) Excess of a total of debit side over a total of credit side of Cash Book, Bank column.
Last Answer : Give one word/term/phrase which can substitute each of the following statements: (i) Excess of a ... balance of the bank column of the Cash Book.
Description : What are the irregularities which are required to be brought to the notice of the postmaster by the sub account assistant? a) When the amount held in cash by a SO exceeds the authorized max balance and cash is held ... b) When the stamps are not sold by SO c) Both the A and B d) Neither A Nor B
Last Answer : a) When the amount held in cash by a SO exceeds the authorized max balance and cash is held below the authorized balance
Description : ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings ... 000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.
Last Answer : d. debit Income Summary $12,000, credit Retained Earnings $12,000.
Description : Speedy Bike Company received a $940 check from a customer for the balance due. The transaction was erroneously recorded as a debit to Cash $490 and a credit to Service Revenue $490. The ... Receivable, $940. d. debit Accounts Receivable, $940; credit Cash, $450 and Service Revenue, $490.
Last Answer : c. debit Cash, $450 and Service Revenue, $490; credit Accounts Receivable, $940.
Description : Debit balance of Trading Account means ___________
Last Answer : Debit balance of Trading Account means ___________ (a) Gross Loss (b) Net Loss (c) Net Profit (d) Gross Profit
Description : All items of indirect income are shown on the credit side of the _________ Account.
Last Answer : All items of indirect income are shown on the credit side of the _________ Account. (a) Balance Sheet ... (c) Manufacturing (d) None of them
Description : Discount earned is transferred to credit side of ___________ account.
Last Answer : Discount earned is transferred to credit side of ___________ account. (a) Current A/c (b) Profit & Loss Account (c) Trading (d) Capital
Description : Is it true is only credit card that can be linked to paypal account? And it's not possible with debit card?
Last Answer : One thing that I am sure about PayPal is the fact that they are one of the best international money transaction company that we have out there. This is to say that as a mode of operation, they ... at before deciding that it is not cool to allow users to link their debit cards to their accounts.
Description : Excess of credit over to debit in Profit & Loss Account indicates _______
Last Answer : Excess of credit over to debit in Profit & Loss Account indicates _______ (a) Net Profit (b) Gross Profit (c) Gross Loss (d) Net Loss
Description : In UPI, we can Send money to any bank account through mobile without entering ____________ A. debit/credit card details B. net banking/wallet password C. receiver‘s account number. D. All of the Above E. None of the Above.
Last Answer : D. All of the Above Explanation: Send money up to Rs 1 lakh to any bank account through the mobile without entering debit/credit card details, net banking/wallet password or even knowing the receiver‘s account number.
Description : What is the name of the card which can be used by the buyers during he time of purchase and in which the amount will be immediately debited from the buyers account? a. E-Distributor b. Debit Card c. Credit Card d. Power Card
Last Answer : b. Debit Card
Description : The respective normal account balances of Sales, Sales Returns and Allowances, and Sales Discounts are a. credit, credit, credit. b. debit, credit, debit. c. credit, debit, debit. d. credit, debit, credit.
Last Answer : c. credit, debit, debit.
Description : A credit memorandum is used as documentation for a journal entry that requires a debit to a. Sales and a credit to Cash. b. Sales Returns and Allowances and a credit to Accounts Receivable. c. ... and a credit to a contra-revenue account. d. Cash and a credit to Sales Returns and Allowances.
Last Answer : d. Cash and a credit to Sales Returns and Allowances.
Description : The collection of a $600 account within the 2 percent discount period will result in a a. debit to Sales Discounts for $12. b. debit to Accounts Receivable for $588. c. credit to Cash for $588. d. credit to Accounts Receivable for $588.
Last Answer : a. debit to Sales Discounts for $12.
Description : The rule debit all expenses and losses and credit all income and gains relates to A] Personal account B] Real account C] Nominal accounts D] All
Last Answer : C] Nominal accounts
Description : Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above
Last Answer : a) Personal
Description : If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account
Last Answer : Answer: A
Description : (i) An error that affects debit as well as credit side, it is called as _______ errors.
Last Answer : Complete the following sentences : (i) An error that affects debit as well as credit side, ... of omission, the debit and credit are ___________
Description : Profit and Loss Account debit side includes A. Salary B. Discount allowed C. Postage & telegram D. All of the above
Last Answer : D. All of the above
Description : Drawing account is closed by transferring the balance to the _________ account.
Last Answer : Drawing account is closed by transferring the balance to the _________ account. (a) Drawing (b) Liabilities (c) Assets (d) Capital
Description : If the trial balance does not agree the difference of the trial balance is placed in _______ account.
Last Answer : If the trial balance does not agree the difference of the trial balance is placed in _______ account. ... ) Suspense (c) Rectification (d) Real
Description : Cash account always shows ________ balance.
Last Answer : Cash account always shows ________ balance. (a) Credit (b) Negative (c) Minus (d) Debit
Description : Pre-received income is shown on ___________ side of Balance sheet.
Last Answer : Pre-received income is shown on ___________ side of Balance sheet. (a) Assets (b) Liabilities (c) Credit (d) Debit
Description : Outstanding expenses are shown on the ___________ side of Balance Sheet.
Last Answer : Outstanding expenses are shown on the ___________ side of Balance Sheet. (a) Assets (b) Liability (c) Both (d) None of these
Description : How do I balance a region's water plan when demand exceeds supply?
Last Answer : I'm answering as a layman, but here's a thought or two: 1. Doesn't the law of supply and demand presuppose a free market and wouldn't a tax-subsidized and monopolistic utility bend that law? ... that would mean that supply equals a daily allottment of water that does not exceed the daily refresh.
Description : An animal is in negative nitrogen balance when (A) Intake exceeds output (B) New tissue is being synthesized (C) Output exceeds intake (D) Intake is equal to output
Last Answer : Answer : C
Description : When goods are sold on credit ___________ account is credited.
Last Answer : When goods are sold on credit ___________ account is credited. (a) Buyer’s A/c (b) Cash A/c (c) Sales A/c (d) Seller’s A/c
Description : Reserve for discount on debtor has a __________ balance.
Last Answer : Reserve for discount on debtor has a __________ balance. (a) credit (b) debit (c) nil (d) positive
Description : Can you buy food with a debit card if it has a negative balance?
Last Answer : Depends on your bank’s policy. Mine would allow it then slap me with some hefty overdraft fees.
Description : (i) Overdraft as per cash book means debit balance as per cash book.
Last Answer : Correct and rewrite the following statements. (i) Overdraft as per cash book means debit balance as ... on overdraft A/c is income for the business.
Description : The debit balance of Pass Book represents overdraft.
Last Answer : State whether the following statement are True or False with reason : The debit balance of Pass Book represents overdraft.
Description : What do you mean by the debit balance of Pass Book?
Last Answer : What do you mean by the debit balance of Pass Book?
Description : State the meaning of ‘Debit Balance’.
Last Answer : State the meaning of ‘Debit Balance’.
Description : What is debit is not the normal balance?
Description : Which of the following accounts has a normal debit balance? a. Merchandise Inventory b. Sales Returns and Allowances c. Cost of goods sold d. Sales
Last Answer : d. Sales
Description : (i) A bound book of Account. (ii) The credit balance of the Bank Account.
Last Answer : Write the word, term, phrase, which can substitute each of the statement : (i) A bound book of Account ... . (v) The right-hand side of an account.
Description : Mark the correct option relating to withdrawal on PPF account a) The first withdrawal can be made at any time after expiry of 5 years from the end of the year in which the initial subscription was made ... be made in one financial year . The amount of withdrawal is not repayable. d) All the above
Last Answer : d) All the above
Description : Mark the correct option a) No interest shall be allowed on an account for any month in which the balance at credit below twenty rupees ant any time between the close of the tenth day and ... month in which sanction for withdrawal of balance is issued by competent postal authority d) All the above
Description : The Freight-in account a. increases the cost of merchandise purchased. b. is contra to the Purchases account. c. is a permanent account. d. has a normal credit balance
Last Answer : a. increases the cost of merchandise purchased.
Description : Total of Sales book is ____________ to sales account.
Last Answer : Total of Sales book is ____________ to sales account. (a) entered (b) moved (c) posted (d) given
Description : Government grants related to income as per the Accounting Standard (AS)-12 should be- (A) Presented as a credit in the statement of Profit and Loss (B) Presented as a deferred income on the asset ... of balance sheet (D) Presented both in the Profit and Loss statement and in the balance sheet
Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet
Description : Have chip-card debit credit cards been a failure in the US?
Last Answer : I have had fewer problems with chip cards than I did with cards that only had a mag strip that got scratched and unreadable. And he problems seem to be the reader, not the cards. My cards also don’t get bent or sat upon. I have a metal wallet that I carry in my front pocket.
Description : Why are the ATM machines still busy, if people can pay with credit card, and debit card just about any store nowadays?
Last Answer : It doesn’t cost me anything to use the ATM at my bank. And sometimes I just want to pay with cash. If I’m out with friends, I pay my share with cash. At strange gas stations away from home I prefer to pay with cash. Buying a quick donut or sandwich, cash.
Description : Do you think it would be helpful to have our pictures on our credit or debit cards?
Last Answer : No, I do not think it is likely this would be helpful to me. Yes, there are banks that do it. The main reason it's considered helpful is to try to prevent use of your card by others. ... think it will confound many people in the case that someone does take your card, unless they're extremely dense.
Description : Do you bother to sign your debit/credit cards anymore, if you ever did.
Last Answer : No, I just scribble on the line. No one has ever questioned my about my signature.