What is a petty cash book? Give an example.
A petty cash book is a part of an accounting book utilized for recording costs that are of little worth... View Article
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Is petty cash an asset or expense?
A petty cash account is a current asset. At the point when petty cash is utilised for costs of doing... View Article
Is petty cash in hand debit or credit?
Petty cash is a current asset and ought to be recorded as a debit on the organisation’s asset report. To... View Article
How do you account for petty cash?
The petty cash transactions are entered into the journal on the debit side and credited to the respective cash account.... View Article
Which one of the following can issue the corporate bond?
(A) Individuals (B) Government (C) Public limited companies (D) All of the above Answer: (D) All of the above Explanation:... View Article
Which of the following payments is made from petty cash?
(A) Purchase of non-current assets. (B) Payment to creditors. (C) Cash deposited into a bank. (D) Payment of postage and... View Article
The balance of petty cash is?
(A) An asset (B) A liability (C) An expense (D) An income Answer: (A) An asset Explanation: The balance of... View Article
When a petty cash book is kept there will be
(A) No entries were made at all in the general ledger for items paid by petty cash. (B) The same... View Article
Which of these best explains fixed assets?
(A) Are bought to be used in the business. (B) Are expensive items bought for the business. (C) Are items... View Article
Net profit is calculated in which of the following accounts?
(A) Profit and loss account (B) Balance sheet (C) Trial balance (D) Trading account Answer: (A) profit and loss account... View Article
Which of the following equations is true for the balance sheet?
(A) Assets = Liabilities + Capital (B) Liabilities = Assets + Capital (C) Capital = Assets + Liabilities (D) All... View Article
Which of the following statements is not true for the fiscal deficit?
(A) represents the borrowing of the government. (B) is the difference between total expenditure and total receipts of the government.... View Article
Is the stock in trade a fixed asset?
According to a bookkeeping point of view, fixed assets and stock both address property that an organization possesses. Together they... View Article
Is the fiscal deficit good?
Having to face a fiscal deficit means the total expenditure has crossed the line of total revenues by the government.... View Article
What does zero primary deficit indicate?
Zero primary deficit implies that the public authority needs to fall back on borrowings just to meet interest responsibilities on... View Article
What are revenue deficits and their implications?
At the point when the revenue receipts are not exactly the same as or below the revenue expenditure in the... View Article
What happens when the fiscal deficit increases?
A fiscal deficit can help a sluggish or lazy economy. Cash spent on the formation of useful resources sets out... View Article
What causes the fiscal deficit?
The fiscal deficit can emerge either because of income costs overshooting revenues or expansion in capital consumption. The public authority... View Article
What is the primary deficit equal to?
A primary deficit is a distinction between the fiscal shortage and interest installment. It decides the measure of acquiring which... View Article
Who uses fiscal policy?
Governments utilize fiscal policy to impact the degree of the total demand in the economy with an end goal to... View Article
