Course Code acc101 Question Hajo starts business with N20,000 in cash. This transaction can only be recorded in one of the following ways Answer Debit cash account and credit capital account with 20,000 Question Under two column cashbook there are two significant columns called Answer Cash and bank columns Question Gimba sold goods worth N70,000 on credit to Iliya and allowed 10% trade discount. The amount to be captured in Gimba's sales day book is Answer 62,000 Question A typical ledger is split into two parts namely Answer Debit and Credit Question All of the following informations are contained in the invoice EXCEPT Answer Time of delivery Question In Accounting equation, Assets minus liabilities is equal to….. Answer Owners capital Question Assets consist all of the following EXCEPT Answer Bills payable Question "Anticipate no profit, provide for all possible losses". This assertion is given by……………….. Answer Conservatism convention Question Every business entity is treated as an entity completely different from the owners. Which of the following concepts implies this statement? Answer Business entity concept Question Book keeping involves all of the following EXCEPT Answer Preparation of auditors' report Question Hajo starts business with N20,000 in cash. This transaction can only be recorded in one of the following ways Answer Debit cash account and credit capital account with 20,000 Question Under two column cashbook there are two significant columns called Answer Cash and bank columns Question Gimba sold goods worth N70,000 on credit to Iliya and allowed 10% trade discount. The amount to be captured in Gimba's sales day book is Answer 62,000 Question A typical ledger is split into two parts namely Answer Debit and Credit Question All of the following informations are contained in the invoice EXCEPT Answer Time of delivery Question In Accounting equation, Assets minus liabilities is equal to….. Answer Owners capital Question Assets consist all of the following EXCEPT Answer Bills payable Question "Anticipate no profit, provide for all possible losses". This assertion is given by……………….. Answer Conservatism convention Question Every business entity is treated as an entity completely different from the owners. Which of the following concepts implies this statement? Answer Business entity concept Question Book keeping involves all of the following EXCEPT Answer Preparation of auditors' report Try Another Search