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JAMB Principles of Accounts 2000 Question 20

Question 20

Incomplete Records

The items entered in an opening statement of affairs of an enterprise that keeps incomplete record are

  1. A.sales income
  2. B.receipt from debtors
  3. C.fixtures and fittings
  4. D.rent paid.
Show the answer and explanation

Answer: C (fixtures and fittings)

Explanation

A statement of affairs lists assets and liabilities, such as fixtures and fittings, not income or payments.