A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

✅ D. Depreciable value

Option A : Scrap value Option B : Residual value Option C : Market value Option D : Depreciable value Correct Answer : Depreciable value Read more

✅ B. Identifying the transaction

Option A : Recording the transaction Option B : Identifying the transaction Option C : Posting the transaction Option D : Preparing the source documents Correct Answer : Identifying the transaction Read more

✅ C. The events after Balance Sheet date but before its approval by the board

Option A : All the significant events after the Balance Sheet date Option B : The events after Balance Sheet date but before submitting it to the Registrar of Companies Option C : The events after Balance Sheet date but before its approval by the board Option D : All changes after Balance Sheet date before its approval Correct Answer… Read more

✅ A. Passage of time, asset usage, and obsolescence

Option A : Passage of time, asset usage, and obsolescence Option B : Tax regulations and SEBI guidelines Option C : Tax regulations and asset usage Option D : SEBI guidelines and Asset usage Correct Answer : Passage of time, asset usage, and obsolescence Read more

✅ A. $2,000

Option A : $2,000 Option B : Zero Option C : $3,000 Option D : $2,500 Correct Answer : $2,000 Read more

✅ A. 6441

Option A : 6441 Option B : 5431 Option C : 7654 Option D : 9876 Correct Answer : 6441 Read more

✅ D. Petty cash book

Option A : Simple cash book Option B : Two column cash book Option C : Three column cash book Option D : Petty cash book Correct Answer : Petty cash book Read more

✅ A. Receipts

Option A : Receipts Option B : Payments Option C : Incomes Option D : Expenditures Correct Answer : Receipts Read more