Which of the following transaction is BEST recorded in the general journal?
Payment of rent with cheque
Purchase of stock with cash
Purchase of an asset on credit terms
Transfer of cash from head office branch
Correct answer is D
No explanation has been provided for this answer.
N19,650
N18,650
N17,850
N16,850
Correct answer is B
No explanation has been provided for this answer.
Which of the following accounting records are source documents?
Journal and ledgers
Sales invoice and cash book
Cash book and debit note
Sales invoice and debit note
Correct answer is D
No explanation has been provided for this answer.
An effective accounting system should provide information
On new product and methods
For customer feed back and requirement
On internal and external reporting for managers and third parties
For promoters, directors, labour union and distributors
Correct answer is C
No explanation has been provided for this answer.
Accrual concept
Conservatism concept
Prudence concept
Materiality concept
Correct answer is A
No explanation has been provided for this answer.