#1-10 Financial Accounting Questions & Answers

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1. When the assert is purchased using cheque or cash


2. The collection of the balance in all the ledger account in one statement is referred to as


3. The art of recording Business transaction so that financial positions of an undertaking and its relationship to both its proprietors and outside persons are duly communicated is called.


4. If revenue expenditure is erroneously treated as capital expenditure, then the result will be


6. In a bank reconciliation statement, a repurchased bank draft is treated as


7. Uncle Charles transfer his pickup van valued N117,675 to his business


9. Paid Jolape amount owed N3,600 less cash discount of 1%


10. In a circumstance, where the resources of other parties other than the Owners have been invested in the business we have.


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