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Which of the following is true in public sector accounting? Cost of assets is A depreciated on straight line method B expensed in the year of purchase C charged to federation account D depreciated on reducing balance method Answer is …

Keeping records under single entry system has the advantage of A Quality in terms of records B Simplicity in terms of operation C Accuracy in terms of operation D Completeness in terms of records Answer is B

Use the information below to answer this question Segun Ojo, didn’t keep her books on double principle. On 1st Jan, 2014, cash in hand was 850, bank overdraft 3500, debtor 15,500,stock 18,000, fittings 9,000 and creditors 12,700. As at Dec, …