ACC203
Question: is the amount of money
taken from business purse for personal use.
Answer: Drawings
Question: The financial statement prepared through financial accounting is to ascertain the
Answer: profit or loss of an organisation during a particular period
Question: The recording of business transactions in a systematic manner is called
Answer: book keeping
Question: The purpose of triall balance is to
Answer: Test arithmetic accuracy of business transactions
Question: The following are users of accounting information except;
Answer: Central bank of Nigeria
Question: The two column cash book is one of the subsidiary books of account used to record cash and
Answer: Bank
Question: helps organisation in controlling and minimising their costs.
Answer: Cost accounting
Question: The documents that are exchanged between buyers and sellers which are binding on both parties are called
Answer: Source documents in accounting
Question: Accounting concepts that deals with continity of the business is called
Answer: Going Concern Concept
Question: is a branch of accounting that uses different quantitative analysis tools to project for the future of an organisation
Answer: Management accounting
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