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1. What is the double entry for VAT on cars?
- You can only reclaim VAT back if the car is 2015 +
- DR non current asset CR VAT
- DR non current asset CR cash
- You can't reclaim VAT back on motor vehicles
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Other questions in this quiz
2. What is the double entry for doubtful debt allowance?
- DR doubtful debt expense CR allowance/provision for doubtful debts
- DR doubtful debt expense CR irrecoverable debt expense
- DR irrecoverable debt expense CR doubtful debt expense
- DR allowance/provision for doubtful debts CR sales
3. What is the double entry for sales on credit?
- DR receivables/SLCA CR sales
- DR cash CR payables
- DR PLCA CR sales
- DR SLCA CR loan
4. What is the double entry for depreciation?
- DR depreciation CR accumulated depreciation
- DR expense account CR depreciation
- DR accumulated depreciation CR depreciation
- DR machinery at cost CR machinery accumulated depreciation
5. What is the double entry for a prepayment?
- DR prepayment CR cash
- DR prepayment CR expense
- DR accrual CR prepayment
- DR expense CR prepayment
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