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FA1 Practice question set 6

1.rafe & Co have total accounts receivable at the end of their accounting period of $45,000. Of these it is discovered that one, Mr Xiu...
What is a 'Journal' with practice question 1

*Journal *. In accounting, a first recording of financial transactions as they occur in time, so that they can then be used for futur...
FA1 Practice question set 5

41 In Dalveer’s cash receipts book for the month of June the trade receivables column totalled $6,570. What does this amount represent ? ...
FA1 Practice question set 1

ALL 25 questions are compulsory and MUST be attempted Please use the space provided on the inside cover of the Candidate Answer Booklet to i...
Rules & calculation for receivable allowance

*john Stamp has opening balances at 1 January 2016 on his trade receivables account and allowance for receivables account of $68,000 and $...
FA1 Practice question set 3

21 Which one of the following is the correct posting from the purchase day book? A Dr Purchases account Cr Payable's ledger control...
What is discount allow & discount receive

*Discount Allowed *There is discount allowed when the seller of goods or services gives a discount to the buyer upon payment. *S...
Key Differences Between Capital and Revenue Expenditure

The benefit generated by the revenue expenditure is for the current accounting year. The examples of revenue expenditure is as under – Wag...
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what is discount

*Discount *An amount or rate by which the catalog , list, or retail price of an item is reduced when sold to a re-seller. * ...

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