When the going concern concept is no longer applicable, t...
When the going concern concept is no longer applicable, the fixed assets are recorded at their
Net book value
Realizable value
Gross value
Revalued amount
Correct answer is D
When an asset is sold that has previously been revalued, the revaluation within the carrying value is debited to the Revaluation Reserve. When assets are revalued, every Balance Sheet shall show for a specified period of years, the amount of increase/decrease made in respect of each class of assets.
As a basis for assessing future usage, fixed assets are shown at ...
Gavon. Ltd. failed to record N2,000 wages. The error committed is that of ...
\(\begin{array}{c|c} & \text{N} \\ \hline \text{Debtors opening} & 4000 \\ \hline \text{Debt...
Use the following to answer the given question \(\begin{array}{c|c} & N & & N \\ \h...
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \t...
Which of the following is used to derive missing figures in a system of incomplete records? ...
A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be...
\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpr...