Every economic unit, regardless of its legal form of exis...
Every economic unit, regardless of its legal form of existence, is treated as a separate entity from parties having economic interest is
Realisation concept
Entity concept
Going concern concept
Matching concept
Correct answer is B
The entity concept ensures that only the expenses incurred by/for the business, incomes earned by the business, assets acquired for the business and liabilities owed by the business are respectively recorded as expenses, incomes, assets and liabilities in the books of the business.
An example of capital gain s ...
The accounting method that reports incomes when earned and expenses when incurred is called ...
Use the following information to answer the given question \(\begin{array}{c|c} & D\\ \hlin...
Which of the following demonstrates the imprest system? ...
In a system of incomplete records, the opening capital is determined by preparing ...
The balance the provision for depreciation account is shown in the ...
Which of the following is found in a receipts and payments account? ...
Goods purchased for N92 was entered in the books as N29. This is an error of ...