Accounting questions from image
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The image contains a set of accounting questions. The questions cover various aspects of accounting principles, practices, and financial statement preparation. They range from understanding the treatment of surplus/deficit in income and expenditure accounts to explaining fundamental concepts like the accounting cycle, matching concept, and revenue recognition principles.
Answer
(i) Capital fund account (ii) Split company data
Here are the answers to the multiple-choice questions: (i) The surplus / deficit in the income and expenditure account is transferred to Capital fund account. (j) To divide company data into two Financial Years, the option selected from the company info menu is Split company data.
Answer for screen readers
Here are the answers to the multiple-choice questions: (i) The surplus / deficit in the income and expenditure account is transferred to Capital fund account. (j) To divide company data into two Financial Years, the option selected from the company info menu is Split company data.
More Information
These are basic accounting principles.
Tips
Understanding the fundamental concepts of accounting is crucial for answering these questions.
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