In preparing accounting records, the owner of a business and the business are treated as
The same person
Having business relationship
Separate legal entities
Partners
Correct answer is C
No explanation has been provided for this answer.
The most important reason for studying accounting is that
The information provided by accounting is useful in making decision
Accounting plays an important role in the society
The study of Accounting leads to challeging career
Accounting provides gross profit information
Correct answer is A
No explanation has been provided for this answer.
A government accounting systems must make sure that
Revenue exceeds expenditure
All applicable legal provisions are complied with
Capital expenditure is equal to revenue
Capital project fund is tied to recurrent expenditure
Correct answer is B
No explanation has been provided for this answer.
N390,000
N360,000
N350,000
N170,000
Correct answer is A
Recurrent expenditure consists mainly of expenditure on wages, salaries and supplements, purchases of goods and services and consumption of fixed capital (depreciation). Hence we have;
180,000 + 40,000 + 120,000 + 50,000 =390,000
N420,000
N380,000
N240,000
N200,000
Correct answer is C
No explanation has been provided for this answer.