Classifying accounts in the ledger
Testing arithmetical accuracies of the ledger account balances
Identifying the balance sheet items
Providing a basis for establishing the accountant's competence
Correct answer is B
No explanation has been provided for this answer.
One major advantage of ledger is that it
Is a book of original entry
Is only accessible to share holders during liquidation
Removes the need for preparing a balance sheet after each transaction
Can be used by any type of business
Correct answer is D
No explanation has been provided for this answer.
Cash account was credited with N500,000 and capital account was debited with N500,000
Bank account was debited with N500,000 and capital account was credited with N500,000
Bank account was accredited with N500,000
Mr. diamond acount was debited with N500,000 and the cheque account was credited with N500,000
Correct answer is B
No explanation has been provided for this answer.
Which of the following transaction is BEST recorded in the general journal?
Payment of rent with cheque
Purchase of stock with cash
Purchase of an asset on credit terms
Transfer of cash from head office branch
Correct answer is D
No explanation has been provided for this answer.
N19,650
N18,650
N17,850
N16,850
Correct answer is B
No explanation has been provided for this answer.