Given: Stock of raw materials 1/40............N11 150 Purchases of raw materials.............N112 550 Raw material returned..................N31 150 Stock of Raw materials…
Capital.................................N60 000 Bank....................................N12 500 General expenses........................N5 250 Creditors...............................N17 000 Stock...................................N98 500 Fixed assets............................N42 000 Insurance and rates.....................N18 800 Purchase................................N63 850…
Capital.................................N60 000 Bank....................................N12 500 General expenses........................N5 250 Creditors...............................N17 000 Stock...................................N98 500 Fixed assets............................N42 000 Insurance and rates.....................N18 800 Purchase................................N63 850…
A. an error of principles B. a compensating error C. an error of commission D. an error omission Correct Answer:…
A. entity B. materiality C. realization D. accrual Correct Answer: Option B - materiality
A. Debit note B. General journal C. Purchases invoice D. Sales invoice Correct Answer: Option D - Sales invoice
A. Industrial Revolution B. growing of trade and commerce C. development of arithmetic D. invention of writing Correct Answer: Option…
A. cash discounts B. trade discounts C. cash transactions D. bank transactions Correct Answer: Option A - cash discounts
A. it does not restrict the right to transfer its shares B. it cannot invite members of the public to…
A. cash and creditors B. debtors and creditors C. cash and debitors D. prepayment and cash Correct Answer: Option B…