The capital of a sole trader can be increased by
Debiting the capital account
Crediting the capital account
Debiting the cash account
Crediting the cash account
Correct answer is C
No explanation has been provided for this answer.
Capital and debit liabilities
Liabilities and credit assets
Assets and credit capital
Capital and credit assets
Correct answer is C
No explanation has been provided for this answer.
An accountant must not only be interested in record keeping but also in
The application of professional competency
The accuracy of postings
The casting of financial figures
Effective preparation of balance sheet
Correct answer is A
No explanation has been provided for this answer.
The basis upon which assets of an organization is valued is the
Historical concept
Business entity concept
Periodicity concept
Materiality concept
Correct answer is A
The historical cost concept (also known as cost principle of accounting) states that the assets and liabilities of a business should be presented in accounting records at their historical cost.
Department store
Multiple store
Supermarket
Hypermarket
Correct answer is B
No explanation has been provided for this answer.