In the preparation of the trading account of omuya Ltd., ...
In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the
Materiality concept
Dual aspect concept
Matching concept
Money measurement concept
Correct answer is B
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.
The instrument used to release fund which the minister of finance has earlier withheld is ...
\(\begin{array}{c|c} & N \\ \hline \text{Fixed assets} & 12,000 \\ \text{Current assets} &am...
Use the information below to answer this question. \(\begin{array}{c|c} \hline & \text{Dept A...
Which of the following is not prepared by a partnership? ...
The part of capital issued only at the time of liquidation of the company is ...
Given: Fixtures-#30,000 Debtors-#7,000 Stock- #8,000 Creditors-#3,000 Goodwill-#10,000 Deter...