#1-10 Financial Accounting Questions & Answers

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


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


3. When the assert is purchased using cheque or cash


5. The art of recording Business transaction so that financial positions of an undertaking and its relationship to both its proprietors and outside persons are duly communicated is called.


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


7. The collection of the balance in all the ledger account in one statement is referred to as


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


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