Accounting concepts are rules of accounting which are to be
Taught in all accounting classes
Implemented by all professional bodies
Followed in the preparation of financial statements
Applied in correction of business errors
Correct answer is C
No explanation has been provided for this answer.
Provision is made in the accounts when the amount involved in the anticipated loss is
Too much
Not significant
Not certain
Well known
Correct answer is C
No explanation has been provided for this answer.
Wages accrued is shown in the balance sheet as
An asset
An income
An expense
A liability
Correct answer is D
No explanation has been provided for this answer.
Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.
The net book value of the asset at 31/12/19 is
₦523,500
₦510,000
₦433,500
₦420,000
Correct answer is C
No explanation has been provided for this answer.
Use the following information to answer this question.
Cost of assets (01/01/18) ₦ 600,000. Annual depreciation charge is 15% on reducing balance basis.
Depreciation for the year 2019 is
₦180,000
₦166,500
₦90,000
₦76,500
Correct answer is D
No explanation has been provided for this answer.