by Sunday | Dec 3 | Accounting JAMB
A. increase in assets and increase in capital B. increase in liabilities and decrease in capital C. decrease in capital and increase in assets D. decrease in capital and decrease in assets Correct Answer: Option C – decrease in capital and increase in assets...
by Sunday | Dec 3 | Accounting JAMB
Given: Capital………………………….N2375 000 Debtors………………………….N495 000 Motor vehicle…………………….N870 000...
by Sunday | Dec 3 | Accounting JAMB
Use the information to answer the question below i Operating machines ii Furniture iii Fixtures and fitting iv Loan from friends V Creditors A. i and ii B. iv and v C. iii and v D. ii and iv Correct Answer: Option B – iv and v Explanation Current...
by Sunday | Dec 3 | Accounting JAMB
A. ledgers B. source documents C. minutes of meeting D. intuitive reasoning Correct Answer: Option A – ledgers Explanation Bookkeeping is the recording of financial transactions in which all of the financial transactions of the business (consisting of income and...
by Sunday | Dec 3 | Accounting JAMB
A. accruals B. materiality C. objectivity D. periodicity Correct Answer: Option A – accruals Explanation Accrual concept is the most fundamental principle of accounting which requires recording revenues when they are earned and not when they are received in...
by Sunday | Dec 3 | Accounting JAMB
A. Cost accounting B. Financial acounting C. Management accounting D. Petroleum accounting Correct Answer: Option B – Financial acounting Explanation Financial Accounting is based on a systematic method of recording transactions of any business according to the...