Question 3
Complete the following sentences:
3.2 ……. Are entered into journals
3.5 Income and Expenses are found in the ………. Section.
3.8 Gross profit is equal to ……. less …. .
3.9 Net profit is equal to gross profit plus ….. Less …… .
Question 5.
State wheter the following are true or false:
5.1 stationary is an asset.
5.2 Income earned is the same as cah received
5.3 drawings’re money withdrawn by the owner from the business
5.4 a source document is a paper on which the transaction is recorded
5:5 in accounting all transactions’re recorded as credit transactions.
5.7 bank and debtors’re current assets.
5.8 cash transactions are recorded in the crj and cpj
5.9 information’s transferred from the general ledger into the cash journals
