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JAMB Principles of Accounts 2022 Question 15

Question 15

Incomplete Records

In dealing with incomplete records, fixed assets are posted to

  1. A.opening profit and loss as brought forward figures
  2. B.closing balance sheet as carried forward figures
  3. C.closing profit and loss as brought forward figures
  4. D.closing balance sheet as brought forward figures
Show the answer and explanation

Answer: D (closing balance sheet as brought forward figures)

Explanation

Fixed assets are not income or expense; they appear in the balance sheet, brought forward from the records.