Given: Rates paid during the year amounted to N2,250 at N125 per month and 1,035 was paid for electricity in…
A. added to fixed assets on the balance sheet B. deducted from the fixed assets on the balance sheet C.…
Zakari started a business in January 2000. He bought a shop costing N54,000 and stock worth N7,600. Profit for the…
A. ledger account B. bank account C. cash book D. bank column Correct Answer: Option B - bank account
A. payer B. drawer C. drawee D. payee Correct Answer: Option D - payee
A. a current asset B. a current liability C. capital D. drawings Correct Answer: Option A - a current asset
A. liabilities B. equities C. assets D. capital Correct Answer: Option A - liabilities
A. amount due to creditors B. actual cost of an asset C. selling price of goods D. amount due from…
A. a decrease in current assets B. an increase in liabilities and assets C. a decrease in assets and capital…
A. consistency B. materiality C. objectivity D. realization Correct Answer: Option A - consistency