In a high-inflation economic environment, which of the following statement is correct ( ). A: Creditors bear losses while debtors gain benefits B: Debtors bear losses while creditors gain benefits C: Both creditors and debtors will gain benefit D: Both creditors and debtors will bear losses

A tale of two debtors

Customers are …() A: Debtors of deliveries and services. B: Creditors of accounts receivable trade.

Which of the following items will not appear in a receivables control account? A: Discount allowed. B: Bad debts written off. C: Increases in the allowance for debtors. D: Allowance to credit customers.

Which budget consists of direct materials, direct labour and production overheads? A: Cash budget B: Debtors budget C: Creditors budget D: Raw materials budget E: Production cost budget

If you were preparing a set of budgets for a large non-manufacturing business which of thefollowing budgets would you not probably prepare? A: Sales budget B: Production cost budget C: Debtors budget D: Creditors budget E: Cash budget