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 of the following transactions are recorded in the purchases journal?

Under the IFRS, the value of land is recorded at ________ on the balance sheet.

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 ...?

The ability of a firm to pay its current maturing obligations on time is known as ...?

The process of writing off the value of intangible assets to acknowledge their loss of value is known as: