In the preparation of account, the owners of the business...
In the preparation of account, the owners of the business and the business concerned are treated as
Partners
Joint venture
The same person
Separate legal entities
Correct answer is D
The business entity concept state that business is treated as a separate entity from parties having proprietary or economic interest in it.
A discount that is allowed to encourage a debtor to pay off his debt within a period is the ...
Keme and Kemi are in partnership sharing profit and losses in the ratio 3:2. Capital - Keme.........
When discount is allowed, the accounting entry is debit Discount allowed and credit ...
\(\begin{array}{c|c} July & 1 & \text{cash in hand, N420, Cash at Bank} & N6,500 \\ &...
Which of the following is a strong feature of partnership? ...
A company's authorized share capital was one million ordinary shares at N1 each. Issued 80% of i...
Which of following is a recurrent expenditure in public sector accounting? ...
Given: Stock (1/4/94) N800 Purchases of flour N2450 Sales N4745 Wages of bakery staff N675...