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Which of the following is not required in preparing a statement of affairs?

Accounts - Principles of Accounts
JAMB 2024

Which of the following is not required in preparing a statement of affairs?

  • A. fixed assets
  • B. net profit
  • C. accruals
  • D. cash in hand
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Correct Answer: Option B
Explanation

A statement of affairs is a financial statement that provides a snapshot of an organization's financial position at specific point in time. It typically includes information about assets, liabilities, and capital.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now