Debit Agromachinex and credit cash
Debit equipment and credit Agromachinex
Credit capital and debit cash
Credit cash and debit purchases
Correct answer is A
No explanation has been provided for this answer.
Debit capital and credit cash
Credit cash and debit bank
Debit cash and credit capital
Debit purchases and credit cash
Correct answer is D
Starting a business with 10500 means the business owner must have bought good for resale with that amount of money. Therefore we will debit purchase/stock account and credit cash account
Note; capital (cash in this case) is the money used in started a business
Purchases in accounting are goods bought for resale.
When the debit side total of an account, it means that the account has
Been overdrawn
Been understand
Debit balance
Credit balance
Correct answer is C
No explanation has been provided for this answer.
Accounting information seeks to provide
Permanent records for all transactions
Analysis of accounts to trade debtors
Audited reports on the accounts of a company
Data about the employees of a company
Correct answer is A
Accounting is simply keeping of all business transaction records so as to help a business make informed decisions in future
The power to appoint the Auditor General of the Federation is vested in the
National Assembly
President
Judicial Service Commission
Civil Service Commission
Correct answer is B
The Auditor General for the Federation is appointed by the President.