Incomplete Records and Single Entry - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 26:

• JAMB 2016

The trader's capital in a single entry system is ascertained by preparing

A. Gross profit
B. Statement of affairs
C. Suspense account
D. Appropriation account

Question 27:

• JAMB 2018

In dealing with incomplete record, fixed assets are posted to___________-

A. Profit and loss account as brought forward figure
B. Closing balance sheet as carried forward figure
C. Closing balance sheet as brought forward figure
D. Profit and loss as carried forward figure

Question 28:

• JAMB 2018

for an incomplete record to provide necessary information, it must be converted to?

A. Double entry
B. Single entry
C. Complete records
D. Statement of affairs