#1-10 Financial Accounting Questions & Answers

-- Advertisement --

Please enter your email:

1. 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.


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


3. The purchase of a motor vehicle N2m is debited into a motor vehicle repairs account. This error is

-- Advertisement --

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


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


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


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


-- Advertisement --