Email: bbcnoun@gmail.com Whatsapp: 08131667008 ACC102 Question: The initial investment of the business owner in the company is reffered to as Answer: [D] A and B above Question: When a correct figure is recorded in the correct side of a wrong persons account the bookkeeping error involved is — Answer: Error of Commission Question: The foundation of the internal financial system of an organization is— Answer: Cost accounting Question: is derived afetr all expenses and cost of sales have been deducted from the net income including sales of goods and other income Answer: Net profit Question: International Accounting standards (IAS) and international financial Reporting Standards (IFRS) are issued by: Answer: International Accounting Standards Board (IASB) Question: The accounting system that uses electronic device in the posting and preparation of accounting records is known as: Answer: A and B Question: Which of the transantions will appear in the accounting system of the reporting entity? Answer: Cash payment for shop rent Question: The accounting treatment of Bad Debts is to Answer: Debit bad debt account and credit debtors account Question: The method adopted by an entiry for valuing its inventory depends on Answer: It's accounting policy Question: Under the simple Average method of inventory valuation, average cost is determined as Answer: [B] Total unit price : Number of batches Email: bbcnoun@gmail.com Whatsapp: 08131667008