Accounting - Study Mode
[#626] Revenue expenditure is intended to benefit . . . . . . . .
Correct Answer
(A) current period
[#627] Which of the following statements best explains the relationship between journal and ledger?
Correct Answer
(D) The process of recording, in the journal is called journalising, the process of recording in the ledger is called posting
[#628] Match List-I with List-II and select the correct answer using the options given below the Lists: List-I List-II a. Partner's current accounts 1. Dissolution of partnership b. Goodwill account 2. Admission of a partner c. Partner’s drawings account 3. Fixed capital of partners d. Realisation account 4. Goods taken by a partner for self-consumption
Correct Answer
(B) a-3, b-2, c-4, d-1
[#629] The process of recording transactions in different journals is called
Correct Answer
(D) Journalising
Explanation
Solution: The process of recording transactions in different journals is called Journalising. Journalizing is the process of recording a business transaction in the accounting records. This activity only applies to the double-entry bookkeeping system.
[#630] Every business transaction affects at least ____ accounts
Correct Answer
(B) Two
Explanation
Solution: Every business transaction affects at least two accounts, our accounting system is known as a double-entry system.