Use the information below to answer this question
₦1800
₦800
₦2600
₦600
Correct answer is B
No explanation has been provided for this answer.
Use the information below to answer this question
₦3000
₦9400
₦3400
₦6000
Correct answer is A
capital = total assets - liabilities
2000 + 4000 - (1200 + 2000)
6000 - 3200 = 2800
2800 + 200 (drawings) = 3000
One of the major features of book keeping is that it
Is futuristic in nature
Accepts responsibility for all wrong postings
Provides permanent records for all financial transactions
Does not give room for double entry procedure
Correct answer is C
No explanation has been provided for this answer.
The amount of subscriptions accrued is reported in the balance sheet under
Fixed cost
Current asset
Long term liability
Current liability
Correct answer is B
No explanation has been provided for this answer.
Accrual accounting differs from cash accounting because it recognizes
Prepayment and cash
Cash and creditors
Cash and debtors
Debtors and creditors
Correct answer is D
No explanation has been provided for this answer.