JAMB Accounting 2016 Objective — Question 10
Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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10. The trader's capital in a single entries system is ascertained by preparing (a) appropriation account (b) statement of affairs (c) gross profit (d) suspense
- A. appropriation account
- B. statement of affairsCorrect
- C. gross profit
- D. suspense
Explanation
The statement of affairs is used to ascertain the capital of a business that has single entry.
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