The process of recording transactions in different journals is called_________?
AEntry making
BAdjusting
CPosting
DJournalizing
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Correct answer
D. Journalizing
Explanation
Journalizing is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Purchase A/c
Explanation
Purchase A/c is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Bank overdraft
Explanation
Bank overdraft is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Controlled
Explanation
Controlled is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. No change occurs to inventories for either use absorption costing or variable costing methods
Explanation
No change occurs to inventories for either use absorption costing or variable costing methods is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
A. Credit balance
Explanation
Credit balance is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
D. Depreciation is a charge against profit
Explanation
Depreciation is provided as a charge against profits. It is not an appropriation of profit. It is provided irrespective of whether the business is making a loss or a profit. Hence statement B. is a true statement.
Correct answer
A. On the liabilities side under current liabilities
Explanation
On the liabilities side under current liabilities is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
C. Conversion cost
Explanation
Conversion cost is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.
Correct answer
B. 7150
Explanation
7150 is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.