₦2,250
₦2,160
₦1,800
₦1,440
Correct answer is B
No explanation has been provided for this answer.
S. Sule sets aside from his private funds ₦20.000 is referred to as
Drawings
Capital
Loan
Profit
Correct answer is B
No explanation has been provided for this answer.
Cost accounting
Bookkeeping
Incomplete records
Double entry
Correct answer is C
Incomplete records refers to a situation in which an organization is not using double-entry bookkeeping. Instead, it is using a more informal accounting system, such as a single-entry system, to maintain a reduced amount of information about its financial results.
In the balance sheet, the balance on the provision for Depreciation Account shown as
Addition to fixed assets
Deduction from fixed assets
Addition to capital
Deduction from current liabilities
Correct answer is B
No explanation has been provided for this answer.
Subscriptions received in advance are
Included in the income and expenditure account
Not included in the receipts and payment account
Shown as a current asset in the balance sheet
Shown in the Balance Sheet as a current liability
Correct answer is D
An amount received in advance against which the services are yet to provide is a balance sheet item. Any advance subscription is a liability and to be shown in balance sheet