Determine the total of the trial balance?
Capital……………………………N60 000 Bank………………………………N12 500 General expenses……………………N5 250...
What is the cash balance on the debit side if it is the only item omitted?
Capital……………………………N60 000 Bank………………………………N12 500 General expenses……………………N5 250...
Adaobi mistakenly entered N7000 as credit sales in Abba’s account. This is?
A. an error of principles B. a compensating error C. an error of commission D. an error omission Correct Answer: Option C – an error of commission
Stationary which will be used over a long period of time is usually recorded as an expense instead of an asset. This concept is called?
A. entity B. materiality C. realization D. accrual Correct Answer: Option B – materialityProducts
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