An organization which has records of only personal accounts is said to be operating on the basis of
Single entry
Real accounts
Nominal accounts
Double entry
Correct answer is A
A single entry system records a transaction with a single entry and only maintains one side of every transaction.
N10,500
N13,500
N13,890
N9,500
Correct answer is C
No explanation has been provided for this answer.
Payments
Stocking
Delivery
Discounts
Correct answer is A
A receipt is a written acknowledgment of having received, or taken into one's possession, a specified amount of money, goods, etc.
N45,000
N39, 000
N35,000
N46,000
Correct answer is B
Capital + Additional capital - Drawings - net loss
35,000 +10,000 - 2500 - 3500 = 39,000
Which of the following condition would attract credit and debit notes to be used?
When goods are received from supplier
When a trial balance is extracted
When a buyer is under or over charged
When goods are sold to a buyer
Correct answer is C
Debit note is usually issued by the purchaser andcredit note is usually issued by the seller. But debit note can be issued by the seller when the buyer erroneously records more and credit note can also be issued by the buyer when the seller undercharges the buyer.