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Author Question: What is amortization? a. The process used to allocate the cost of natural resources. b. The ... (Read 95 times)

pragya sharda

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on: Jul 6, 2018
What is amortization?
 
  a. The process used to allocate the cost of natural resources.
  b. The process used to allocate the cost of tangible fixed assets.
  c. The process used to allocate the cost of capital leases, leasehold improvements and intangible assets.
  d. The process used to allocate the cost of oil, gas, minerals and standing timber.

Question 2

How does a petty cash payments record differ from a general journal?


ashely1112

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Reply #1 on: Jul 6, 2018
Answer to Question 1

d

Answer to Question 2

A petty cash payments record is not a book of original entry. It is an optional record used to record petty cash vouchers and the accounts to which they should be charged. Nothing is posted directly from the petty cash payments record. The general journal is a book of original entry from which amounts are posted to the general ledger. The amounts required to reimburse the Petty Cash Fund come from the columns of a petty cash payments record if the company decides to maintain this additional detail of petty cash vouchers.


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