JAMB Accounting 2017 Objective — Question 10

Question 10 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2017 Objective paper, with the correct answer and a full explanation.

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

A. A. an appropriation account
B. B. a statement of affairsCorrect
C. C. a gross profit account
D. D. a suspense account

Explanation

A statement of affairs is used to ascertain the capital of a business that keeps only single-entry records.

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