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Home Interview Accounting and Finance Comments

  • Question
  • What is the Debit Balance recovery? How we can recover if we wont have any future transactions from supplier?


  • Correct Answer
  • The Debit balance recovery is usually made by raising a credit memo for the regular vendors However if there are no future transactions from the supplier, we ask the vendor to send the check / make an EFT for the amount due from him 


  • Accounting and Finance problems


    Search Results


    • 1. Why does the Outstanding exp & Prepared Expenses treated as Personal Account?
    • Discuss
    • 2. What is accumulated loss?
    • Discuss
    • 3. What do you understand by Open Item Managed Account?
    • Discuss
    • 4. What is the types of assets?
    • Discuss
    • 5. Which of these investments may pay dividends?

    • Options
    • A. Savings account
    • B. Stocks
    • C. Bonds
    • D. Certificates of deposit
    • Discuss
    • 6. Which is the most accurate statement about trade?

    • Options
    • A. Trade makes some nations better off and others worse off
    • B. Trading for a good can make a nation better off only if the nation cannot produce that good itself
    • C. Trade helps rich nations and hurts poor nations
    • D. Trade can make every nation better off
    • Discuss
    • 7. A distinguishing feature of managerial accounting is

    • Options
    • A. general-purpose reports
    • B. very detailed reports
    • C. quarterly and annual reports
    • D. external users
    • Discuss
    • 8. A Credit may signify a

    • Options
    • A. Increase in the liability account
    • B. Decrease in an asset account
    • C. Increase in the capital stock account
    • D. All of the above
    • Discuss
    • 9. Accrual accounting is used because

    • Options
    • A. it provides a better indication of ability to generate cash flows than the cash basis.
    • B. it recognizes revenues when cash is received and expenses when cash is paid.
    • C. cash flows are considered less important.
    • D. All of the above
    • Discuss
    • 10. The chart of accounts is designed to

    • Options
    • A. alphabetized the accounts to make reading easier for its financial statement users
    • B. summarize the transactions and determine their ending balances
    • C. meet the information needs of a company and other financial statement users
    • D. analyse the accounts and organize them in order of dollar amount to simplify the accounting information for users
    • Discuss


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