ACC101
Absence of intention to luquidate the business in the foreseeable future signifies the existence of â€|â€!â€!â€!â€|.
Answer: going concern concept
The climax of book keeping is seen on two things namely
Answer: trial balance and ledger
The time spent in recording expenses and income in an organization depends to a large extent on one of the following
Answer: size of the organization
Basically there are â€|â€|â€|. Methods of book keeping
Answer: two
Cheque issued in favour of a particular payee contains all of the following information EXCEPT
Answer: signature of the employer
Back up of information is done to accomplish one of the following goals
Answer: to avoid unexpected technical faults
The systematic recording of facts that shows the position of the business is called
Answer: book keeping
The resources that business owns are technically known as
Answer: apparels
Convention of conservatism is also referred toas\
Answer: neither wrong nor correct statement
The cut-out rules that must be followed in preparations of financial statement are known as â€!â€|â€!â€|…
Answer: accounting concepts and conventions
To understand the accounting reports one must equally understand â€!â€|â€!â€!â€!â€|.
Answer: accounting concepts and conventions
The concept that separates the business from the owners is called
Answer: business entity concept
Maintenance of financial record in an organization is done through proper â€!â€!â€|â€|â€!..
Answer: book keeping
A business ledger contains two parts namely
Answer: debit and credit
The left hand side of the ledger account is called
Answer: debit side
Book keeper is trained on all of the following areas EXCEPT
Answer: presentation of annual reports and accounts at annual general meeting
Accountant extract financial data for presentation in financial statement from one of the following sources
Answer: trial balance
Profit is made or determined by including revenue and costs. This statement is the central thesis of the â€|â€!â€|â€!.. Concept
Answer: accrual concept
Maimuna sold goods worth N100,000 on credit to Iliya and allowed 10% trade discount. The amount to be captured in MaimunaVs sales day book is
Answer: 90,000
Reconciliations are conducted to achieve one of the following goals
Answer: to avoid errors and ommissions
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