The accounting principle of double entry states that
debit the giver and credit the receiver
assets must be equal to capital plus liabilities
every debit entry must have a corresponding credit entry
debit entries increase liabilities while credit entries increase
Correct answer is C
No explanation has been provided for this answer.
Recurrent expenditure of a local government include
Erection of market stalls
Repayment of loans
Purchase of office equipment
Purchase of office stationery
Correct answer is D
No explanation has been provided for this answer.
Accounts of fixed assets are kept in the
Purchases ledger
Private ledger
Sales ledger
General ledger
Correct answer is D
No explanation has been provided for this answer.
The type of stock recorded in the trading account of a manufacturing business is
Raw material
Work-In progress
Consumables
Finished goods
Correct answer is A
No explanation has been provided for this answer.
Company as a legal entity means that it
must always have a company lawyer
can sue and be sued
must settle disputes among shareholders in court
should prepare accounts approved by a lawyer
Correct answer is B
No explanation has been provided for this answer.