#1-10 Financial Accounting Questions & Answers

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

 
 
 
 
 

2. When the assert is purchased using cheque or cash

 
 
 
 
 

3. The permanent and continuing diminution in the quality, quantity of value assets from any cause whatsoever is referred to as

 
 
 
 
 

5. 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.

 
 
 
 
 

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

 
 
 
 
 
 
 
 
 
 

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

 
 
 
 
 

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