Short term Assets expected to be converted into cash within 1 year or less than?

✅ C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c

Option A : Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c Option B : Debit Accounts Payable A/c and Credit P&L A/c Option C : Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c Option D : Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c Read More Details… Read more

✅ C. Outstanding checks

Option A : Uncollected checks Option B : Uncredited checks Option C : Outstanding checks Option D : Bounced checks Correct Answer : Outstanding checks Read more

✅ A. Written down to zero or its scrap value

Option A : Written down to zero or its scrap value Option B : Shown in the Balance Sheet at its replacement cost Option C : Shown in the Balance Sheet at cost, but classified as a non-current asset Option D : Carried in the accounting records at cost until it is sold Correct Answer : Written down to zero… Read more

✅ A. Credit balance

Option A : Credit balance Option B : Debit balance Option C : Bank overdraft Option D : Adjusted balance Correct Answer : Credit balance Read more

✅ B. Accountant of business

Option A : Bank Option B : Accountant of business Option C : Manager of a company Option D : Banks cashier Correct Answer : Accountant of business Read more

✅ B. Credit

Option A : Debit Option B : Credit Option C : Expenses Option D : Liability Correct Answer : Credit Read more

✅ B. Differential costs

Option A : Relevant costs Option B : Differential costs Option C : Target costs Option D : Sunk costs Correct Answer : Differential costs Read more

✅ B. P&L A/C is debited with 1,200

Option A : P&L A/C is debited with 1,400 Option B : P&L A/C is debited with 1,200 Option C : 200 is shown as current asset Option D : Both Correct Answer : Both and above Read more