i and ii
iv and v
iii and v
ii and iv
Correct answer is B
Current Liabilities = Notes payable + Accounts payable + Accrued expenses + Unearned revenue + Current portion of long term debt + other short term debt.
From the question above, Loans from friends and creditors are liabilities the rest are assets
Increase in assets and increase in capital
Increase in liabilities and decrease in capital
Decrease in capital and increase in assets
Decrease in capital and decrease in assets
Correct answer is C
Drawings is the withdrawals from a business by a business owner for his personal use. It represents a reduction of owners' equity (capital) in the business.
Drawings account have a debit balance which increases assets (remember in the balance sheet, assets are recorded on the debit side of the account while liabilities have a credit ballance). Hence drawings would reduce owners capital and increase the asset balance.
N4,690,000
N2,620,000
N2,520,000
N1,565,000
Correct answer is C
No explanation has been provided for this answer.
Telephone N3,500 credit XYZ and KLM, N3,500
Telephone N3,500, credit cash N3,500
Sundries N3,500, credit KLM N3,500
Sundries N3,500, credit telephone N3,500
Correct answer is B
No explanation has been provided for this answer.
The process of bookkeeping includes records produced from?
Ledgers
Source documents
Minutes of meeting
Intuitive reasoning
Correct answer is A
Bookkeeping is the recording of financial transactions in which all of the financial transactions of the business (consisting of income and expenses) are entered into a database. It uses records recorded in the ledger.
Ledgers is a book or other collection of financial accounts.