Periodicity
Accrual
Entity
Materiality
Correct answer is C
The business entity concept states that the transactions associated with a business must be separately recorded from those of its owners or other businesses.
₦18,500
₦17,000
₦16,000
₦8,000
Correct answer is C
No explanation has been provided for this answer.
Which of the following items is not contained in the Receipts and Payments Account?
Subscription paid in advance
Stock paid for in advance
Outstanding wages and salaries
Donations
Correct answer is B
Receipts and payments account are used by non profit making organization, It is a summarized form of Cash Book. All receipts are recorded on its left-hand (Debit) side and all payments are recorded on its right-hand (credit) side. receipts & payments accounts show only the cash and bank transactions in that accounting period. it doesnt include stock paid for in advance.
Which of the following is not an administrative expenses in a manufacturing organization?
Discounts allowed
Office electricity
Stationery
Insurance
Correct answer is C
Administrative expenses are the expenses that an organization incurs not directly tied to a specific function such as manufacturing, production or sales. stationaries aren't administrative expense.
₦9,000
₦8,500
₦8,000
₦6,500
Correct answer is C
No explanation has been provided for this answer.