The purchase of motor vehicles on credit should be entered into which journal?

Under what account group heading would 'Provision for Doubtful Debts' be reported in the financial statements?

Which of the following is NOT a feature of a perpetual inventory system?

If a 4 year old asset (equipment) was sold on credit for the book value of $5,000, the total value of assets in the firm's accounting equation is ....?

Interest Expense on a term loan for a large retailer is a ....?

On December 1 a company borrowed $100,000 at 12% per year. The interest will be paid quarterly, with the first payment due on March 1. What interest expense amount should the company report on its income statement for the month of December?

Which account is NOT part of the profit and loss account?

Cash sales are recorded in which subsidiary journal?

In a company's accounts, the shareholder's fund is equal to ...?

The account set up as an advance or float for petty cash is treated as ... ?

The broad accounting principle that requires expenses to be reported in the same period as the revenues that were earned as a result of the expenses is known as ...?