#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.

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

 
 
 
 
 

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

 
 
 
 
 

4. When the assert is purchased using cheque or cash

 
 
 
 
 
 
 
 
 
 

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

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

 
 
 
 
 

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

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