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.
\(\begin{array}{c|c} & ₦ \\ \hline \text{Opening stock of raw materials} & 24,750\\ \text{...
Which of the following is not a personal account? ...
Rakiya and joy are in a partnership and agreed that 5% interest per annum is to be charged on ...
In a public corporation, the capital expenditure incurred in a financial period is? ...
\(\begin{array}{c|c} & ₦ \\ \hline \text{Balance as per cash book} & 8,000 Cr\\ \text{Unpr...
Where partners maintain a fluctuating capital account, partners' share of profit is credited to ...
\(\begin{array}{c|c} & D\\ \hline \text{Construction of classrooms} & 500,000\\ \text{Sinkin...
Which of the following should not be adjusted for in the profit and loss account? ...