If an accumulated provision for depreciation account is in use then the entries for the year's depreciation would be
A. Credit Provision for Depreciation Account, debit Profit and Loss Account
B. Debit Asset Account, credit Profit and Loss Account
Credit Asset Account, debit Provision for Depreciation Account
D. Credit Profit and Loss Account, debit Provision for Depreciation Account
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When the financial statements are prepared, the Bad Debts Account is closed by a transfer to the
A. Balance Sheet
B. Profit and Loss Account
C. Trading Account
D. Al lowance for Doubtful Debts Account
An Allowance for Doubtful Debts is created
A. When debtors become bankrupt
B. When debtors cease to be in business
C. To provide for possible bad debts
D. To write-off bad debts
Given the following, what is the amount of Capital? Assets: Premises £20,000; Inventory £8,500; Cash £100. Liabi lities: Accounts payable £3,000; Loan from A. Adams £4,000
A. £21,100
B. £21,600
C. £32,400
D. £21,400
Which of the following is correct?
A. Profit does not alter capital
B. Profit reduces capital
Capital can only come from profit
D. Profit increases capital
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