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…
STATIONERY WHICH WILL BE USED OVER A LONG PERIOD OF TIME IS USUALLY RECORDED AS AN EXPENSE INSTEAD OF AN ASSET. THIS CONCEPT IS CALLED
A. entity B. accrual C. realization D. materiality ✓ The answer to the question is: D. materiality The concept of recording stationery used over a long period of time as an expense instead of an asset is related to the accounting principle of materiality.…
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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