The trader's capital in a single entry system is ascertained by preparing
Gross profit
Statement of affairs
Suspense account
Appropriation account
Correct answer is B
A Statement of Affairs is a document detailing a company's assets and liabilities. Generally prepared by a liquidator or appointed professional during certain insolvency proceedings, the document is later registered at Companies House, where it becomes available for public view.
N36,902
N27,502
N12,498
N43,098
Correct answer is A
Opening balance = 12,202 + cash recieved = 40,000 = 52,202
less closing balance
= 52,202 - 15,300 = 36902 (Amount spent during the period)
Impersonal account is subdivided into
Real and nominal accounts
Nominal and personal accounts
Real and current accounts
Personal and real accounts
Correct answer is A
IMPERSONAL ACCOUNTS represents accounts other than Personal Accounts. This may be sub-classified into:
a. Real Accounts, e.g. Asset Account; and,
b. Nominal Accounts, e.g. Income and Expenditure Accounts.
The costs of acquiring fixed assets and bringing them into the firm is a
General expenses
Recurrent expenditure
Revenue expenditure
Capital expenditure
Correct answer is D
Capital expenditure; money spent by a business or organization on acquiring or maintaining fixed assets, such as land, buildings, and equipment.
A discount that is allowed to encourage a debtor to pay off his debt within a period is the
Annual discount
Trade discount
Periodic discount
Cash discount
Correct answer is D
A cash discount is a deduction allowed by some sellers of goods or by some providers of services in order to motivate customers to pay within a specified time. The cash discount is also referred to as an early payment discount.