1
Working capital is a term meaning
(A) The amount of capital invested by the proprietor
(B) The excess of the current assets over the current liabilities
(C) The capital less drawings
(D) The total of Fixed assets – Current assets.
2
A credit balance brought down on a rent account means
(A) We owe that rent at that date
(B) We have paid that rent in advance at that date
(C) We have paid too much rent
(D) We have paid too little in rent.
Q213;
1 A debit balance brought down on a packing materials account means
(A) We owe for packing materials
(B) We are owed for packing materials
(C) We have lost money on packing materials
(D) We have a stock of packing materials unused.
2
If we take goods for own use we should
(A) Debit drawings account: credit purchases account
(B) Debit purchases account: credit drawings account
(C) Debit drawings account: credit stock account
(D) Debit sales account: credit stock account.