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.
The ratio which measures the solvency of a firm is the ...
The end result of governmental accounting procedure is to ...
\(\begin{array}{c|c} & N \\ \hline sales & 45,000 \\ \text{Opening stock} & 20,000 \\ \t...
Use the following to answer the given question \(\begin{array}{c|c} & N \\ \hline sales &am...
Given: Net profit b/d.....................N10,000 Interest on capital:...M...........N2,000 ......
The sales ledger contains accounts of ...
Goods sent to branch are recorded in the head office's books at i. selling price ii. cost price ...