The major feature of a journal is that it has
Five columns, date, particulars, folio, debit and credit
Three columns, date, particulars, folio and amount
Six columns, date. particulars, folio, amount debit and credit
Four columns, date, particulars, folio and amount
Correct answer is A
A typical journal entry usually has four columns: the date of the transaction, the particulars, and columns for the debits and credits.
Sometimes, the folio column can be included, but is it not a compulsory requirement.
Use the information below to answer this question
What is the net working capital?
₦1800
₦800
₦2600
₦600
Correct answer is B
No explanation has been provided for this answer.
Use the information below to answer this question
Calculate the capital of the business.
₦3000
₦9400
₦3400
₦6000
Correct answer is A
capital = total assets - liabilities
2000 + 4000 - (1200 + 2000)
6000 - 3200 = 2800
2800 + 200 (drawings) = 3000
One of the major features of book keeping is that it
Is futuristic in nature
Accepts responsibility for all wrong postings
Provides permanent records for all financial transactions
Does not give room for double entry procedure
Correct answer is C
No explanation has been provided for this answer.