Ignoring GST, the Accounting Entry That Would Need to Be

question 65

Multiple Choice

Ignoring GST, the accounting entry that would need to be made for a debtor's cheque for $3400 that has been dishonoured is which of the following?

• A) Debit bank $3400; credit debtors $3400
• B) Debit debtors $3400; credit bank $3400
• C) Debit debtors $3400; credit creditors $3400
• D) Debit debtors $3400; credit discount allowed $3400

Perform correction of common bookkeeping errors using correcting entries.

Identify the classification of assets and liabilities on a balance sheet.

Understand the importance of correctly journalizing and posting transactions to maintain accurate financial records.

Recognize the significance and sequence of steps in the accounting cycle.

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Definitions:

Directive Leader

A leadership style characterized by giving clear, explicit instructions and closely supervising task execution.

Supportive Leader

Leadership style characterized by consideration, friendliness, and support for subordinates, fostering a positive work environment.

Hersey and Blanchard

Psychologists who developed the Situational Leadership Model, which suggests that the most effective leadership style varies depending on the maturity level of team members.

Situational Leadership Model

A leadership theory proposing that effective leadership varies according to, and must adapt to, the needs of the situation and the readiness of the team being led.