The trader's capital in a single entry system is ascertained by preparing
FINANCIAL
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
Correct Answer: B. statement of affairs
Explanation
A Statement of Affairs is a document detailing a company's assets and liabilities. Generally prepared by a liquidator or appointed professional during certain insolvency proceedings, the document is later registered at Companies House, where it becomes available for public view.
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