Answered: 25). Floating assets are valued at –…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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25). Floating assets are valued at –
(A) Cost
(B) Market price
(C) Cost price or market price whichever is less
(D) Cost less than depreciation

26) Outstanding expenses should be verified with the help of –
(A) Journal proper
(B) Balance book
(C) Cashbook
(D) None of above.

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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