#1-10 Financial Accounting Questions & Answers

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1. The permanent and continuing diminution in the quality, quantity of value assets from any cause whatsoever is referred to as

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2. Paid Jolape amount owed N3,600 less cash discount of 1%


3. If revenue expenditure is erroneously treated as capital expenditure, then the result will be


5. In a circumstance, where the resources of other parties other than the Owners have been invested in the business we have.


6. In a bank reconciliation statement, a repurchased bank draft is treated as

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8. When the assert is purchased using cheque or cash


9. The purchase of a motor vehicle N2m is debited into a motor vehicle repairs account. This error is

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