Majority of commercial transactions are termed credit tra...
Majority of commercial transactions are termed credit transactions, which means
The buyers pay immediately for goods bought
Settlement is deferred to a future date
No account will be opened
Item of expenditure increases
Correct answer is B
In credit transactions, the transfer of ownership takes place before payment to the supplier i.e settlement is at a future safe.
\(\begin{array}{c|c} & N\\ \hline \text{Land and building} & 20,000\\ Stock & 5,000\\ \t...
When bank charges are discovered in a bank statement, the adjustment is effected in the ...
Departmental accounts are prepared to aid the comparison of the? ...
Dairo and Segun are in partnership sharing profits and losses in the ratio 2:3 respec...
What is the stock valuation method used? ...
Incomplete Record (Extract) Sales......................................N10,600 Rent................
When goods are purchased on account, the accounting entries are ...