ACC101
Question: Many estimates, allocations and valuations in accounting are based on one of the following concepts
Answer: Going concern concept
Question: Recording of expenses made and payments received is within the exclusive limit of one of the following
Answer: Bookkeeping
Question: Zakiyya & Co bought electricity appliances worth N56,000 and paid by cash. Indicate which account to be debited and which to be credited
Answer: DR- Electricity Appliances A/C and CR-Cash A/C
Question: Book keeping activities involves all of the following EXCEPT
Answer: Statement of Cashflow
Question: In accounting, profit is calculated or determined by including elements of revenue and costs
Answer: This statement is correct
Question: In record keeping, back up is essential if informations are stored
Answer: Electronically
Question: Maintaining of proper records both electronic and otherwise is an important step in book keeping and it is called
Answer: Documentation
Question: Which of the following statement is NOT true about invoice
Answer: It is an outright demand for payment
Question: Nehemiah & Co purchased goods worth N 150,000 on credit from Nagwamatse group on 25th March, 2019. Nagwamatse group granted Nehemiah & Co 7% cash discount if the credit sales is fully settled on or before 20th April, 2020. Calculate the balance to be paid by Nehemiah & Co within the agreed period.
Answer: 139,500
Question: \”An asset Is worth the price paid to acquire it”\ This presupposes the central thesis of â€!â€|â€|â€iâC!.. Concept
Answer: Cost
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