A. purchase day book B. sales day book C. cash book D. returns inwards book E. returns outwards book Correct…
A. for cash and credit B. for cash C. on credit D. to wholwsalers E. to retailers Correct Answer: Option…
A. every debtor must have a creditor B. every account debited must be immediately credited C. for every debit there…
A. N60 credit, N100 credit B. N60 credit, N100 debit C. N60 debit, N100 debit D. N61 debit, N100 credit…
i. correction of errors ii. opening and closing the accounting books iii. recording cash purchases A. i B. ii C.…
A. commission B. omission C. principle D. original entry E. lone entry Correct Answer: Option E - lone entry
Abid and Onik were in partnership sharing profit in the ratio 3 : 2. Their respective capitals were N4,000 and…
A. factory cost and cost of material B. overhead cost and direct cost C. direct expenses, direct labour, and direct…
A. straight line B. insurance policy C. diminishing balance D. reducing balance E. accumulated depreciation Correct Answer: Option B -…
i. It is incurred in one period of account. ii. its full benefits are consumed in the period incurred. iii.…