WAEC Accounting Past Questions & Answers - Page 272

In a system of incomplete records, the opening capital is determined by preparing

Which of the following is not used in solving problems of incomplete records?

"A business unit is assumed to operate into foreseeable future and earn reasonable net income". This statement is emphasized by the concept of

Revenue is recognized in the profit and loss account as soon as a

Use the following information to answer the given question

\(\begin{array}{c|c} & Le \\ \hline \text{Cash in hand} & 15,000\\ \text{Balances as at 1st January, 2005:} & \\ \text{Subscriptions in arrears} & 6,000\\ \text{Subscription in advance} & 2,500\\ \text{Subscriptions received} & 18,000\\ \text{Expense for the year} & 6,500\\ \text{Balances as at 31st December, 2005:} & \\ \text{Subscriptions in arrears} & 3,000 \\ \text{Subscriptions in advance} & 1,500\end{array}\)

The excess of income over expenditure for the year was