Drawings might also take the …….of goods for private use

In the balance sheet, the net profit is added to capital.

The value closing stock has got an effect on the profit for the period.

Closing stock appears ………in the final accounts.

An error understating the purchases amount would overstate gross profit.

Errors of duplication occur when a transaction is entered twice in the book.

Capital expenditure is aimed at providing long-term benefits.

Where business ………… (e.g. telephone) are used for the owner’s personal use, this is also regarded as drawings, and adjustments must be made at the end of the year to reflect this.

The word ‘estimate’ in allowing for depreciation of fixed assets means that you are estimating the working……….of the asset.

Any debt written off must be charged against the profit by means of a ……….entry in the profit and loss account.

Depreciation provision account has a credit balance.

Any decrease in the provision for doubtful debt will be seen as an expense to the firm.

The bad debts account serves as a ………….point for debts written off over the year.

The balance sheet will show the total of debtor before writing off bad debts.

A stale cheque might be a dishonored one.

The reconciliation statement will start with the balance as…………..the bank statement.

An income prepayment appears in the balance sheet as a……………

An expense accrual appears in the balance sheet as a………..

An accrued expense represents an expense paid in advance.

An expense prepayment appears in the balance sheet as a……………..