#1-10 Financial Accounting Questions & Answers

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


2. When the assert is purchased using cheque or cash


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


5. 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


8. 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.


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