Email: bbcnoun@gmail.com Whatsapp: 08131667008 ACC812 Question: Before a transaction is recorded in the ledger, it must first be entered in a book of Answer: prime entry Question: expenditure typically includes the cost of purchasing a non- current asset Answer: Capital Question: discount is expressed as a percentage reduction of the recommended retail price of the goods, and is deducted in arriving at the amount the buyer is charged for the goods. Answer: Trade Question: is the main book of account in which all transactions are recorded Answer: Ledger Question: The term refers to the amount at which assets are shown in the statement of financial position Answer: valuation Question: In historical cost accounting, non- current assets are valued at their historical cost less the aggregate/accumulated depreciation from the date of acquisition to the date of the statement of financial position. The resulting figure is known as the Answer: Net book value Question: are amounts provided to allow for liabilities that are anticipated but not yet quantified precisely, or for reductions in asset values Answer: Provisions Question: discount is a reduction in the amount that the customer has to pay, provided payment is made within a given period stipulated by the seller at the time of sale. Answer: Cash Question: A/An is a source document sent by the seller, and is primarily to inform the buyer how much is owed for the goods supplied. Answer: Invoice Question: Assets - Liabilities Answer: Owners capital Email: bbcnoun@gmail.com Whatsapp: 08131667008