A merchant paid ₦180,000 on rent for 18 months bu charged ₦120,000 to profit and loss account for the year. The concept applied is

In a partnership business, the net profit serves as opening figure for

Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?

In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of

A sales Day book is used for recording

Returns inwards is also called

An analytical cash book is used to

Which of the following is the basis accounting equation?

Which of the following is the effect of an increase in the provision for discount allowed?