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WAEC Financial Accounting 1998 Question 24

Question 24

Partnership Admission, Retirement and Dissolution

To realize an asset means to

  1. A.close its account in the ledger
  2. B.give it out as a collateral
  3. C.turn it to cash
  4. D.open its account in the ledger
  5. E.mortgage it.
Show the answer and explanation

Answer: C (turn it to cash)

Explanation

Realising an asset means selling it for cash.