by Sunday | Oct 2 | NABTEB QUESTIONS
The subsidiary books of account are: (i) Sales journal. (ii) Purchases journal. (iii) Return inward journals. (iv) Return outward journals. (v) The petty cash book. (vi) The cash book. (vii) Journal proper.
by Sunday | Oct 2 | NABTEB QUESTIONS
Errors that a trial balance will reveal are (i) Errors undercast. (ii) Errors of omission of one entry or aspect of account. (iii) Reversal of an entry. (iv) Error of overcast. (v) Single entry Three errors that will not affect the trial balance are (i) Compensating...
by Sunday | Oct 2 | NABTEB QUESTIONS
The memorandum of association is the document that manages the external affairs of a company e.g. the name of the company, the objectives clause etc. The article of association is a document that takes care of the internal affairs of a company. E.g. issue and transfer...
by Sunday | Oct 2 | NABTEB QUESTIONS
(I) The memorandum of association. (ii) The articles of association. (iii) The prospectus.
by Sunday | Oct 2 | NABTEB QUESTIONS
The feature of a cash book are: (a) It records only cash or bank transactions. (b) No credit transactions are recorded (c) It has debit and credit sides represented as Dr on the left and Cr. on the right hand side. (d) All receipts or incomes are recorded on the debit...
by Sunday | Oct 2 | NABTEB QUESTIONS
A cash book is an account in which all cash transactions are recorded. It is also a ledger and does not record credit transactions.