If the Petty Cash fund is not reimbursed just prior to year end and an appropriate adjusting entry is not made, then
A) The petty cash account is to be returned to the company's cashier
B) Expenses are overstated and Cash is understated
C) Cash is overstated and expenses are understated
D) Cash is overstated and expenses are overstated
Correct Answer:
Verified
Q3: Withdrawals by proprietor would
A)Reduce both Assets and
Q4: Which of the following is true?
A)The payment
Q5: Which of the following statements is/are true?
(i)
Q6: Trade discount allowed at the time of
Q7: The Periodical total of the Sales Return
Q9: XYZ Ltd. Paid wages of ` 8,000
Q10: Purchase of goods on credit
A)Increases Liabilities
B)Increases Assets
C)Increases
Q11: Which of the following is not an
Q12: The process of balancing of an account
Q13: Ledger is also called
A)Principal book of accounts
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