A basic unifying concept in accounting implies that
Where creditors'account is zero, the assets are equal to the owner's equity
There should be a balance in the creditors' account in order to measure total assets
Revenues should be supported by invested and owner's capital
Total assets can be less than liabilities and equity
Correct answer is A
No explanation has been provided for this answer.
When a proprietor withdraws cash from the business for private use, he
Debits cash account and credits drawings account
Credits cash account and debits bank account
Debits bank account and credits drawings account
Credits cash account and debits drawings account
Correct answer is D
No explanation has been provided for this answer.
A bookkeeping error occurs when there is
A deliberate manipulation of records
Unintentional correct posting in the ledger
Intentional failure to record transactions completely
Incorrect records and oversights that are not intended
Correct answer is D
No explanation has been provided for this answer.
The need for changes in accounting theory in Nigeria was influenced by the
Dynamics of commercialization and privatization policies
Growth in size of business units
Introduction of the structural adjustment programme
Inconvertibility of the nation's currency
Correct answer is B
No explanation has been provided for this answer.
The basic role of accounting is to
Detect fraud
Attest to finacial statements
Measure performance
Protect shareholders
Correct answer is B
No explanation has been provided for this answer.