WAEC Financial Accounting 2007 Question 26

In single entry and incomplete records, the net assets method used to ascertain profit is

1. A.net asset at the end of a period – net asset at the beginning of a period = profit + additional capital – drawings
2. B.net asset at the end of a period – net asset at the beginning of a period = profit – additional capital – drawings
3. C.net asset at the end of a period – net asset at the beginning of a period – drawings
4. D.net asset at the end of a period + additional capital – drawings.