Email: bbcnoun@gmail.com Whatsapp: 08131667008 ACC101 Question: Many estimates, allocations and valuations in accounting are based on one of the following concepts Answer: Going concern concept Question: Recording of expenses made and payments received is within the exclusive limit of one of the following Answer: Bookkeeping Question: Zakiyya & Co bought electricity appliances worth N56,000 and paid by cash. Indicate which account to be debited and which to be credited Answer: DR- Electricity Appliances A/C and CR-Cash A/C Question: Book keeping activities involves all of the following EXCEPT Answer: Statement of Cashflow Question: In accounting, profit is calculated or determined by including elements of revenue and costs Answer: This statement is correct Question: In record keeping, back up is essential if informations are stored Answer: Electronically Question: Maintaining of proper records both electronic and otherwise is an important step in book keeping and it is called Answer: Documentation Question: Which of the following statement is NOT true about invoice Answer: It is an outright demand for payment Question: Nehemiah & Co purchased goods worth N 150,000 on credit from Nagwamatse group on 25th March, 2019. Nagwamatse group granted Nehemiah & Co 7% cash discount if the credit sales is fully settled on or before 20th April, 2020. Calculate the balance to be paid by Nehemiah & Co within the agreed period. Answer: 139,500 Question: \"An asset Is worth the price paid to acquire it"\ This presupposes the central thesis of â€!â€|â€|â€iâC!.. Concept Answer: Cost Email: bbcnoun@gmail.com Whatsapp: 08131667008