IN A PETTY CASH BOOK, THE CLOSING BALANCE WAS N235, IMPREST N1,250, WHILE THE STATIONERY EXPENSES WERE N655. HOW MUCH WAS PAID FOR OTHER GENERAL EXPENSES
A. N360 ✓ B. N355 C. N350 D. N305 The answer to the question is: A. N360 In a petty cash book, the closing balance was N235, imprest N1,250, while the stationery expenses were N655. To calculate how much was paid for…
IF LIABILITIES AMOUNTED TO N12,045, OTHER ASSETS N36,800 AND EQUITY N26,896, THE CASH AT HAND WOULD BE
A. N2,241 B. N2,214 C. N2,141 ✓ D. N2,114 The answer to the question is: C. N2,141 To calculate the cash at hand, we can use the accounting equation: Assets = Liabilities + Equity Given: Liabilities = N12,045 Other assets = N36,800…
THE USE OF THE BANK RATE, CASH RATIO AND OPEN MARKET OPERATIONS CONSTITUTE
A. monetary policy ✓ B. export policy C. fiscal policy D. import policy The answer to the question is: A. monetary policy The use of the bank rate, cash ratio, and open market operations constitutes monetary policy. Monetary policy refers to the actions undertaken…
BARIGA, A STOCK BROKER BOUGHT STATIONERY FOR N 12000 BY CASH. TO RECORD THIS TRANSACTION, DEBIT
A. cash and credit stationery B. purchase and credit stationery C. stationery and credit cash ✓ D. stationery and credit purchases The answer to the question is: C. stationery and credit cash When a stock broker like Bariga purchases stationery for N 12000 by…
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