A business transaction is recorded in the books of account when the
Owner of the business invests his N10,000 in another company
Business retains part of ofits profits for future expansion purposes
Business invest applies for overdraft facilities from its bankers
Owner of the business collects N5,000 from the accountant
Correct answer is D
When the owner of the business withdraws money from the business for personal use, it is called ''drawings'' and must be recorded for future reference.
Any type of drawings reduces the capital or owner's equity of a business, so it is important to keep track of these drawings and manage them within your accounts. However, drawings are not considered a business expense.
An advantage of the use of the voucher system is that it?
Reduces the number of cheques that will be writen during any given period
Provides a highly flexible system for handling unusual transactions
Provides a comprehensive record of business done with particular suppliers
Ensure that every expenditure is reviewed and verified before payment is made
Correct answer is D
No explanation has been provided for this answer.
Responsibility accounting is particularly concerned with
Historical accounting
Controllable costs
Storekeeping
Valuation of stock
Correct answer is B
No explanation has been provided for this answer.
Cost reports for the intention of management should reflect?
As much details as possible
Summary figures only
Details of non-controllable expenses
Cost and comparable data useful in decision-making
Correct answer is D
No explanation has been provided for this answer.
The Act establishing the institute of Chartered Accountants of Nigeria (ICAN) came into force on?
Ist September, 1960
Ist October, 1960
Ist October,1963
Ist , September,1965
Correct answer is D
No explanation has been provided for this answer.