Virement
Fund accounting
Consolidated fund
Financial regulation
Correct answer is B
Fund accounting is an accounting system for recording resources whose use has been limited by the donor, grant authority, governing agency, or other individuals or organisations or by law. It emphasizes accountability rather than profitability, and is used by Nonprofit organizations and by governments. In this method, a fund consists of a self-balancing set of accounts and each are reported as either unrestricted, temporarily restricted or permanently restricted based on the provider-imposed restrictions.
The accounting entries used to record a cheque issued by a business is to?
Debit cash book and credit drawer
Credit cash book and debit drawer
Debit cash book and credit suspense account
Credit cash book and debit suspense account
Correct answer is A
In posting accounting entries, always bear in mind the basic accounting principle of ''for every debit entry, there must be a corresponding credit entry''. In the above question, a business paid out money to its creditor (someone owed by the business) through a check, this means that, the business cash/bank accounts will be debited (take money from) while the drawer (creditor whom is owed by the business) will be credited.
N8,800
N6,500
N5,200
N4,400
Correct answer is C
35000 - 9000 = 26000
26000 * 1/5 = 5200
Commercial
Manufacturing
Service
Extractive
Correct answer is A
Commercial farming occurs when a farm is set up for the sole purpose of producing crops and farm animals for sale, with the sole intention of making a profit. Commercial farms are often larger than regular family farms because economies of scale are richly sought after due to the immense competition involved.
N4,000
N7,000
N11,000
N24,000
Correct answer is A
No explanation has been provided for this answer.