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

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

3. 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.

4. Uncle Charles transfer his pickup van valued N117,675 to his business

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

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

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

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

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

10. When the assert is purchased using cheque or cash