In the preparation of the trading account of omuya Ltd., ...
In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the
Materiality concept
Dual aspect concept
Matching concept
Money measurement concept
Correct answer is B
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.
Use the following information to answer the given question \(\begin{array}{c|c} & DR & CR...
Accounting concepts are rules of accounting which are to be ...
LOAN IS 30% OF CREDITORS. A company has departments S,T and U. The sales are N20,000,20,000, N40,...
The concept which seeks to prevent profits from being overstated is ...
The book value per share is obtained by dividing? ...
Use the following information to answer the given question, \(\begin{array}{c|c} & N\\ \hli...
A sales day book is used to record ...
A sales for N2,570 was recorded in the day book as N2,750. The error committed was ...