Income and Expenditure account is the same as the -------...
Income and Expenditure account is the same as the --------- of a sole trader
balance sheet
trading account
profit and loss account
cash book
Correct answer is C
The income and expenditure account shows the summary of revenue and running cost of a non-profit making organization. It follows the same principles as the profit and loss account of a trading concern.
Use the following information to answer the given question \(\begin{array}{c|c} & N \\ \hli...
The concept of Double Entry Book-Keeping states that ...
Net turnover is referred to as ...
Given: Fixed assets N85,600 Sales N197,000 Stock N34,300 Salaries N37,000 Purchases N127,700 S...
N Direct material used-----------------64,000 Direct labour------------...
Return inwards was understated. The effect is that ...
The rules of double entry states that ...
April 11: Sold goods for cash N50,000 April 20: Bought goods for cash N30,000 April 26: Boug...
Which of the following entries is made damaged goods are returned to the supplier? ...