In dealing with incomplete records, fixed assets are posted to?
Opening profit and loss as brought forward figures
Closing balance sheet as carried forward figures
Closing balance sheets as brought forward figures
Closing profit and loss as brought forward figures
Correct answer is C
No explanation has been provided for this answer.
The principal function of a sales ledger control account is to
Serve as internal check and provide quick information for the preparation of interim financial statements
Serve as external check and provide quick information for the preparation of interim financial statements
Provide quick information for the preparation of customers' statement
Provide information for the control of salesmen's activities
Correct answer is C
No explanation has been provided for this answer.
The main features of the single system are that?
Books of accounts are not maintained and business relies only on bank statement
The journal records are absent and only the main ledger is kept 7
There are incomplete classifications and recording procedures
Only credit sales transactions and credit purchase are recorded
Correct answer is C
No explanation has been provided for this answer.
An addition was made to the asset during the sixth year
The estimate of salvage value on this equipment was decreased
A unit-of-output method of depreciation was used during the sixth year
The estimate remaining service life of the assets was increased at the beginning of the sixth year
Correct answer is A
No explanation has been provided for this answer.
N338.58
N342.00
N345.42
N360,00
Correct answer is A
No explanation has been provided for this answer.