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1. What is the difference between overdraft and overdraft by bank statement?
2. Are allowance for depreciation and accumulated depreciation the same?
3. In BPP exam kit, 17.15, could you also calculate the bank loan balance by looking at asset, liability and capital (which is given) and finding the missing balance of loan for the equation asset-liability=capital to hold?
4. What is transposition of cash received?
Thank you very much for all your help!
1. They both mean the same thing (but obviously in the cash account it will be a credit balance, in the bank statement it will be a debit balance)
2. It depends on the wording of the rest of the question. “Allowance for depreciation” is not a standard term.
4. Transposition is switching numbers round. E.g. accidentally writing $123 as $132 is a transposition error.