Answer Happy

6. The correct treatment for Bank charges is that they are: i) Treated as onsh b) Treated as credit 0 Debited by the Bank d) Credited by the Bank 7. What happens when we issue a cheque? ) Cash book balance becomes LESS: Bank statement balance becomes MORE. b) Cash book balance becomes MORE, Bank statement balance becomes LESS. e) Cash book balance become MORE: Bank statement balance becomes MORE. d) Cash book balance becomes LESS: Bank statement balance becomes LESS. 8. Which of the following is the correet Journal for recording "Receipt of cash from the Bank? a) 'Dr' Bank; 'Cr.' Cash b) 'Dr. Loan payable: 'Cr. Cash c) "Dr. Cash: 'Cr.' Bank d) 'Dr. Cash: 'C' Loan payable 9. What is the most important factor to be considered, when we want to purchase a product? a) Cost b) Timeliness c) Comparability d) Verifiability e 10. The following information is provided to you: The accounts receivable: OMR 80,000 Allowance for doubtful debts accounts: OMR 20,000 (Credit). On December 31, the uncollectible accounts are estimated to be 40% of the accounts receivable. Required: What according to you would be the new AFDA balance? a) OMR 10,000 b) OMR 12,000 c) OMR 52.000 d) OMR 32,000